Princeton Pike office park under new management
PRINCETON » Responding to a need for affordable office space in the era of hybrid work environments, Reynolds Asset Management (Reynolds), in a jointventure with Capital Solutions, Inc. and with financing provided by Northwest Bank, announced that it has closed on Princeton Pike Office Park, a six-building property in Lawrenceville, NJ. The new ownership group unveiled a multi-million-dollar renovation plan which will transform the property with remodeled lobbies, common areas, exteriors and landscaping, as well as brand new modern workspaces.
“We are very excited to partner with Reynolds and Capital Solutions, Inc. on this multimillion-dollar acquisition,” said Abe Ibrahim, Market Executive for the Delaware Valley at Northwest Bank. “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.”
The six stand-alone buildings total more than 250,000 square feet and currently house a wide variety of tenants including medical, law, accounting, staffing, and government offices. The renovation is expected to be completed by mid-2024.
“This property has been long-neglected, but we see the value in these buildings and are eager to bring them back to life,” said Lou Reynolds, CEO of Reynolds Asset Management. “That starts with building relationships with tenants and brokers. At Reynolds, people 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.”
Steve Tolkach and Robert Loederstedt from Newmark are the new brokers for the property and are managing all leasing activity moving forward. For more information on the spaces available for lease, they can be best reached at stephen.tolkach@nmrk.com and robert.loderstedt@nmrk.com. Editor’s Note: This content was submitted to The Trentonian, to publish your business briefs, send them to Editor@Trentonian.com