PRINCETON — After giving Princeton attorney Trishka Cecil a heads-up phone call Tuesday afternoon, AvalonBay officially filed suit against the town, council, Mayor Liz Lempert and several municipal department heads today,hoping the court can intercede in environmental matters concerning the 280 residential units the developer is proposing for the former University Medical Center site. (read the rest of the article on nj.com)
We are happy to announce over 21,000 sf of new tenants/expansions at 100 & 200 PrincetonSouth Corporate Center.
Mercer Oak Realty has continued to lease-up space at PrincetonSouth in the past year and recently increased its Pharmaceutical industry tenancy with new leases by Celator Pharmaceuticals and Essential Pharmaceuticals. Existing tenant, Antares Pharma has also recently added a second expansion to their current office.
“We are very happy to call PrincetonSouth our home, and even more excited to continue to grow here.” says Robert Apple, EVP & CFO of Antares Pharma. “The location of the building is extremely convenient and the ability to grow into, and fully design new space is key- it allows our company to move forward without any logistical hindrances.”
100 & 200 PrincetonSouth Corporate Center boast 267,000 sf of Class “A” office space and are currently 65% leased. The PrincetonSouth campus is located directly off of I-95 at Exit 4 in Ewing, NJ and is comprised of the multi-tenanted 100 & 200 buildings, 500 PSCC (Church & Dwight’s 250,000 sf HQ), 701 & 801 PSCC (FMC’s 112,500 sf R&D campus), and 300 & 400 PSCC (2 proposed built-to-suit sites for up to 350,000 sf). On site amenities include the full-service Gallery Café, fitness center, conference room and the 134 room Marriott Springhill Suites.
The GrowNJ program encourages companies to create jobs and make capital investments in the Garden State. By moving from Pennsylvania (or any other state) a 25 employee company could earn at least $750,000 in incentives money, while a 50 employee company could bring in a minimum of $1,500,000. New Jersey companies can also benefit from the incentives, depending on circumstances.
On March 25th, Jay Biggins, Executive Managing Director of Biggins Lacy Shapiro & Co, will discuss how GrowNJ’s groundbreaking incentives can impact commercial real estate growth in the area, opportunities across Central New Jersey and specifically the Princeton Region.
Mercer Oak Realty’s team will be in attendance at the event to join in the discussion and are available to discuss how these incentives can help favorably shape your company’s real estate plan.
This is the newly formed Real Estate Business Alliance’s 3rd breakfast event. The most recent event featured the 2014 Princeton Real Estate Forecast and was a great success, bringing 160+ attendees together to discuss the future of the real estate markets in Princeton. We look forward to another informative discussion!
You can register for the event at the Princeton Chamber of Commerce’s website, here.
Learn more about Jay Biggins and Biggins Lacy Shapiro & Co here.
Event Details:
Tuesday, March 25th 2014
7:45 am to 9:30 am
Nassau Club of Princeton
6 Mercer Street
Princeton, NJ 08540
Mercer Oak Realty is happy to announce a recent lease transaction at 100 Airport Corporate Park.
Horizon NJ Health, a subsidiary of Horizon Blue Cross Blue Shield of New Jersey, has leased 23,145 sq. ft. of office space at Building 100 in Airport Corporate Park, bringing the company’s total space occupancy at the park to 41,874 sq. ft.
Airport Corporate Park, a 168,500 sq. ft., two-building complex located at 370 Scotch Road, Ewing, NJ is now 70% occupied. There is currently 49,756 sf available in the park. More information can be found here.
Sab Russo of Mercer Oak Realty, LLC represented GF Princeton, the Landlord at Airport Corporate Park and Steve Tolkach of Newmark Grubb Knight Frank represented the tenant, Horizon NJ Health.
Mercer Oak Realty is proud to announce that Hill Wallack LLP has begun construction on their new office building at 21 Roszel Road in West Windsor. Mercer Oak Realty represented Hill Wallack LLP in the 48,000 sf lease.
This new location will accommodate Princeton-based Hill Wallack LLP’s growing workforce and re-invent their office’s work environment, boosting overall productivity.
“Hill Wallack LLP is the largest and one of the fastest growing law firms in the Princeton area and we wanted new space to accommodate our expanding operations at our Princeton headquarters” said Bob Bacso, Managing Partner. “The move to 21 Roszel Road allows us to serve our increasing client base more effectively as well as provide a state-of-the-art conference center for client meetings and to host many of the civic organizations that we are involved in.”
Sab Russo of Mercer Oak Realty, LLC represented Hill Wallack LLP, while Milt Charbonneau of Cassidy Turley represented the landlord, a joint venture of Andy Gottesman and Mountain Development. Mercer Oak Realty has closed over 70,000 sf of law firm leases in the past year.
We are happy to announce that our client, Archer & Greiner, has signed a long-term lease with Boston Properties for 22,000 sf at 101 Carnegie Center in Princeton, NJ.
The 22,000 sf at 101 Carnegie Center gives Archer & Greiner space to expand their operations and offers a more client friendly meeting space and conference rooms. The professionals at Archer & Greiner will also benefit from proximity to amenities such as the Hyatt Regency Hotel (next door), a cafeteria and meeting space in the 101 Carnegie Center Building, and from significant main lobby and common area renovations to be completed in the Building.
“We had grown on several occasions in our old space and we wanted to have all our attorneys and staff in a more cohesive working environment”, says Jeff Gordon, Managing Partner of the Princeton Office. Stacey Sinclair, the firm’s Chief Operating Officer, added: “Mercer Oak was able to help us achieve our goals for the new office as part of a very efficient process that yielded the best economic terms.”
Aubrey Haines of Mercer Oak Realty, LLC represented Archer & Greiner, the tenant, while Boston Properties represented itself in the transaction. Mercer Oak Realty has closed over 70,000 sf of Law Firm leases in the past year.
Aubrey Haines spoke with Brendan McGrath of The Times of Trenton about the Mercer County Commercial Real Estate market.
Despite the success of the building and the current strength of the market, local development of large commercial office buildings has been slow to pick up coming out of the recession. There has been little new construction of this type in the area other than the 300 Carnegie Center building, said Aubrey Haines, CEO at Mercer Oak Realty. And that slowness on the part of developers has contributed to a growing shortage of space.
“When you’re looking for smaller spaces you have a wide range of choices,” Haines said. “If you’re at 50,000 or 100,000 square feet, options are limited.”
While the recession pushed down demand for a few years, it also suppressed development.
“That creates more pent-up demand so when the market comes back they need a lot of space in a hurry,” Haines said. “There’s almost no new supply expected to come online.”
Demand is outpacing supply in the market, Haines said, but until rental rates for high quality office space increase it will be difficult to convince large banks to finance the development of new buildings. The suburban nature of the local market leads financiers to be hesitant to lend despite growing demand, he said.
You can read the full article here: Commercial market going strong, especially in Mercer County, real estate agents say on nj.com.
Princeton Office Market to experience Class A Space Shortage
Mercer Oak Presents Princeton Office Market Report
Princeton, NJ – Over 160 Real Estate professionals from the Princeton Market gathered on Tuesday January 28 at the Hyatt Regency to discuss the 2014 Real Estate Forecast.
Mercer Oak’s Aubrey Haines presented The Princeton Office Market Report and Forecast. Haines highlighted Mercer County’s below average unemployment rate (5.3%, compared to a national 7.3%), a lull in new Class A construction and a healthy absorption rate as key indicators to suggest that there will be a leaner building inventory in the market, creating upward pressure on Class A rental rates. Mercer Oak’s research indicates a possible shortage of Class A Office space in the next 3 years, a phenomenon not witnessed since 1995.
Haines also spoke of a trend towards newer, healthier work environments. “New construction will be the predominant means of satisfying corporate growth in the Princeton market over the next 5 years. The average building in Princeton is 24 years old… Many companies are looking at the health and welfare of their employees as a way to attract and maintain the best and brightest workforce. New building design techniques employ green and health oriented strategies. Since employee costs are typically 85% of an office tenant’s cost structure and real estate is typically 10%, a 1% increase in productivity can justify a significant investment in real estate… We anticipate that this trend will accelerate as the economic picture in Princeton continues to brighten.”
The event was hosted by the Princeton Regional Chamber of Commerce’s REBA (Real Estate Business Alliance) and included a panel discussion from Judson Henderson of Callaway Henderson, Aubrey Haines of Mercer Oak Realty and Paul Anastos of Mortgage Master, Inc., and was moderated by Tom Gates, also of Mortgage Master, Inc.
Princeton Office Market Report Available here: Princeton Office Market Report
The Times of Trenton covers the event here: Strong Mercer County real estate market bolstered by low unemployment rate, experts say
Ewing, NJ – Dawn Stillwell, of Haddon Township, NJ, has joined Mercer Oak Realty, Princeton’s commercial real estate brokerage firm, as vice president, announced Mercer Oak’s CEO, Aubrey Haines, LEED AP.
As Vice President, Stillwell concentrates on business development, strategic planning and team leadership. She researches and pursues leads to bring new clients to the firm and helps to deepen current client relationships. Her management skills also enable her to grow business by strengthening Mercer Oak’s strategic plan, realizing and achieving company goals and increasing day to day productivity within the office.
Stillwell has spent a great deal of her career in sales, working as an Area Sales Manager for the Regus Management Group, which provides executive office space in over 1,800 locations through the world. In 2012, Stillwell sold over $1.9 million in product at Regus, making her one of the top 20 producers in the company. Prior to working for Regus, she worked in retail management, where she generated sales through prospecting and special events, building repeat business and customer loyalty.
“Dawn will bring a new dimension to Mercer Oak. Our team has over 90 years combined commercial real estate experience in the Princeton Office Market. Dawn will help us leverage our market knowledge to reach a wider audience of potential clients”, says Sab Russo, President of Mercer Oak Realty.