A six-building office park in Lawrenceville is set for upgrades following its recent sale.
In a joint venture with Capital Solutions Inc., Reynolds Asset Management purchased Princeton Pike Office Park with financing provided by Northwest Bank. The announcement came May 12, along with the news that the 250,000-square-foot property will undergo a multimillion renovation.
Financial terms were not disclosed. Abe Ibrahim, market executive for the Delaware Valley at Northwest Bank, described it as a “multimillion-dollar acquisition.”
“Both management teams have an impressive track record of acquiring, managing, and adding meaningful value to real estate assets throughout the United States, so it makes perfect sense to partner with both firms as Northwest Bank continues its expansion in the Delaware Valley region,” he said in a statement.
The property is currently home to a mix of tenants operating across the medical, law, accounting, staffing and government sectors. According to Reynolds, the work will remodel lobbies and common areas, add modern workplaces and bring upgrades to exteriors and landscaping.
“This property has been long-neglected, but we see the value in these buildings and are eager to bring them back to life,” said Reynolds Asset Management CEO Lou Reynolds.
According to the firm, the work is expected to be completed by mid-2024.
“That starts with building relationships with tenants and brokers,” Reynolds continued. “[P]eople and communities are at the core of what we do. We’re excited to start fostering connections with prospective tenants, and with current tenants wishing to renew long-term leases, while we get to work revitalizing these buildings into updated, value-oriented workspaces.”
Newmark‘s Steve Tolkach and Robert Loederstedt serve as brokers for the property, according to Reynolds, and will manage all leasing activity.