How A Corporate Development Is Rewriting Princeton's College Town Narrative
Princeton, New Jersey, is rapidly blooming into a tech and corporate hub.
Nassau Street, its main street, has been on the forefront of this transformation for years. Influenced by the global draw of Princeton University, restaurants and retail have adapted to fit the tastes of a diverse community. The tree-lined street is peppered with high-end and casual Mexican, American and European bistros, bars and brunch spots while boasting shops ranging from notable clothing designers to a local olive oil artisan.
Princeton's primary thoroughfare blends urban worldliness, collegiate knowledge and hometown comfort.
In this environment, Princeton’s office market is thriving. The town is home to numerous high-powered law firms, and local vacancies are regularly snapped up by a blossoming life science sector. New Jersey’s collection of biotech firms, many of which are concentrated in Princeton, has exploded from 80 in 1998 to 330 in 2014.
As Princeton matures, a variety of new office spaces have popped up all over town.
A corporate development by RXR Realty has been integral in pushing this narrative forward. Less than an hour drive from Philadelphia and an hour from New York City, 100 and 104 Campus Drive are home to a lively business community less than five miles from Princeton University and near upscale dining, hospitality and shopping. Both buildings are a few miles from the New Jersey Turnpike, Route 1 and the Garden State Parkway. Proximity to the Princeton Junction Train Station is perfect for commuters who frequently travel to New York, Philadelphia and surrounding towns.
The twin one-story structures are zoned for office and lab use, and comprise more than 103K SF. The former, 100 Campus Drive, is 27K SF with 9K SF available while 104 Campus Drive is 76K SF with 45K SF available.
The campus offers businesses private office suites and entrances, personal HVAC control and 24/7 employee access for busy late nights and weekends at the office. Both buildings are available for sale or lease, ideal for corporate clients searching to own a building with in-place income.
RXR and leasing agent CBRE have begun white-boxing all available spaces within both buildings, removing all the walls and the existing ceiling grid. They have enormous windows, each of which will be extended beyond the current ceiling heights. The renovations will purposefully leave the high 12- or 15-foot ceilings unfinished by exposing HVAC ductwork, sprinkler lines and pipework, creating a dramatic industrial look.
“It’s a cutting-edge office design rarely found outside large cities or tech hubs like Silicon Valley,” CBRE senior vice president Doug Petrozzini said. “It’s an example of just one more great opportunity to build out fabulous office spaces in a location that is increasingly coming to the forefront.”
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