{"id":1004184856,"date":"2017-07-24T05:10:55","date_gmt":"2017-07-24T13:10:55","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004184856"},"modified":"2017-07-24T05:10:55","modified_gmt":"2017-07-24T13:10:55","slug":"boston-properties-buys-nj-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/boston-properties-buys-nj-office-asset\/","title":{"rendered":"Boston Properties Buys NJ Office Asset"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004184863\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Webp.net-resizeimage.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004184863\" data-attachment-id=\"1004184863\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/boston-properties-buys-nj-office-asset\/webp-net-resizeimage-23\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Webp.net-resizeimage.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"103 Carnegie Center Drive, Princeton, N.J.\" data-image-description=\"&lt;p&gt;103 Carnegie Center Drive, Princeton, N.J.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;103 Carnegie Center Drive, Princeton, N.J.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Webp.net-resizeimage.jpg?w=800\" class=\"wp-image-1004184863 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Webp.net-resizeimage.jpg\" alt=\"103 Carnegie Center Drive, Princeton, N.J.\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Webp.net-resizeimage.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Webp.net-resizeimage.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/07\/Webp.net-resizeimage.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004184863\" class=\"wp-caption-text\">103 Carnegie Center Drive, Princeton, N.J.<\/p><\/div>\n<p>Boston Properties acquired a Class A office building in Princeton, N.J. from Mack-Cali Realty Corp. The property traded for $16 million. Cushman &amp; Wakefield\u2019s\u00a0Metropolitan Area Capital Markets Group\u00a0brokered the transaction, which comes after Mack-Cali&#8217;s disposal of a <a href=\"https:\/\/www.commercialsearch.com\/news\/mack-calis-nj-horizon-center-hits-the-market\/\">six-building office\/flex portfolio<\/a> located in Hamilton, N.J. \u00a0<\/p>\n<p>The asset\u00a0is located within Carnegie Center, a 560-acre master planned office park comprising 18 single and multi-tenant buildings totaling more than 22 million square feet. In-park amenities include a caf\u00e9, child care center, fitness facility, post office, hotel, bank, landscaped grounds and plenty of parking space. Boston Properties is known to own the majority of the campus.<\/p>\n<h2>Access to major metros<\/h2>\n<p>Sited at 103 Carnegie Center Drive, the three-story property was built in 1984 and\u00a0previously changed hands in 1996 for $10.2 million, according to Yardi Matrix data. The asset features a marble and oak lobby and flexible floor plans ranging from 500 to 15,000 square feet. It is conveniently located at the intersection of Route 1 and Alexander Road, offering easy access to routes 130 and 206 and interstates 95 and 295. The building is situated equally close to New York City and Philadelphia and transportation\u00a0is facilitated by a direct shuttle to the Princeton Junction NJ TRANSIT train station.<\/p>\n<p>The deal was arranged by a team of brokers fronted by Cushman &amp; Wakefield Vice Chairman Andrew Merin. The brokers in charge were David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso II and Andrew Schwartz.<\/p>\n<p>\u201c<em>This sale generated a substantial amount of bidding, which is a testament to the prestige of the Princeton office market. With 83 percent of the building leased to 31 tenants, 103 Carnegie Center Drive provides opportunity for small companies to lease space and gain access to the large corporations that dominate the Princeton market,\u201d<\/em> Merin said in a prepared statement.<\/p>\n<p><em>Image courtesy of\u00a0Mack-Cali Realty Corp.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company added another 96,000 square feet to its Princeton, N.J., inventory with the acquisition of a Class A office asset located within the 560-acre Carnegie Center. Cushman &#038; Wakefield brokered Mack-Cali Realty Corp.&#8217;s $16 million sale of the asset.<\/p>\n","protected":false},"author":241,"featured_media":1004184863,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1600,21742,10,21747],"tags":[32843,34896,33554],"class_list":["post-1004184856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-boston-properties-inc","tag-cushman-wakefield","tag-mack-cali-realty-corporation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Boston Properties Buys NJ Office Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/boston-properties-buys-nj-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Boston Properties Buys NJ Office Asset\" \/>\n<meta property=\"og:description\" content=\"The company added another 96,000 square feet to its Princeton, N.J., inventory with the acquisition of a Class A office asset located within the 560-acre Carnegie Center. 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