The Boom Of Princeton Office Space
Princeton, N.J., rarely springs to mind as more than just the home of its namesake university. Yet businesses here are flourishing, not merely as a subsidiary city to Philadelphia and New York City, but as a rich corporate and technology hub in its own right.
It should come as no surprise, then, that Princeton’s office market is thriving. The city is home to numerous high-powered law firms, and local vacancies are regularly snapped up by the city’s blossoming life science sector. New Jersey’s collection of biotech firms, many of which are concentrated in Princeton, exploded from 80 in 1998 to 330 in 2014.
As Princeton matures, so too have its offices, with a variety of new spaces popping up all over the city. Two corporate developments by RXR Realty are contributing to the once-college town’s rapidly expanding office scene.
Situated less than an hour’s drive from Philly and an hour from the Big Apple, 100 and 104 Campus Drive are home to a thriving business community less than five miles from Princeton University as well as high-end dining, hospitality and shopping. Both buildings are only a few miles from the NJ Turnpike, Route 1 and the Garden State Parkway. The Princeton Junction Train Station is only a few minutes away, perfect for commuters who frequently travel to New York, Philadelphia and surrounding towns.
The twin, one-story structures span over 97K SF, offering businesses searching for a Princeton home their own office suites with individual entrances, personal HVAC control, and 24/7 employee access for busy late nights and weekends at the office.
Both structures are available for sale or lease, ideal for corporate clients searching to own a building with in-place income.
To prepare for this new influx of tenants, RXR and leasing agent CBRE have begun white boxing all available spaces within both buildings, removing all walls and the existing ceiling grid. Both edifices have enormous windows, each of which will be extended beyond the current ceiling heights. The aim of these renovations is to house tenants under either high 12- or 15-foot unfinished ceilings, the latter of which will purposefully leave HVAC ductwork, sprinkler lines and pipework uncovered to create 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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