A joint venture between three real estate firms has acquired a Princeton office building, it announced recently.
Woodbridge-based Bergman Real Estate Group teamed with New York-based Hornig Capital Partners and Florida-based Eightfold Real Estate Capital to buy the four-story, 160,000-square-foot building at 500 College Road E. in the Princeton Forrestal Center from Mack-Cali Realty Corp. Mack-Cali has been selling off its suburban office assets as part of a portfolio refocus, and the deal represents Bergman’s third acquisition from the REIT.
“500 College Road is Bergman and Hornig’s first acquisition in the greater Princeton area,” Bergman’s CEO and president, Michael Bergman, said in a prepared statement. “Situated in the heart of the Princeton Forrestal Center, surrounded by prestigious companies and institutes of higher learning, research and development, makes this an attractive location for businesses looking to establish offices in the central Princeton market.”
JLL Capital Markets’ team of Michael Klein, Greg Nalbandian, Michael Lachs and Biagio Caruso arranged acquisition financing through Amherst Capital Management and its managing director, Gabe Boyar.
JLL also has been named the exclusive leasing agent for the property, with Vinny DiMeglio and Erin Moran heading up the assignment. The building currently has 76,000 square feet of space available, from 1,500-square-foot units up to a full, 41,000-square-foot floor.
The new owners plan a $4 million capital improvement project, including revamping common areas and adding a conference and training center, as well as other amenities. Ware Malcomb will design and develop the renovation plans.
“Our new partners share our vision to reposition 500 College Road E., transforming it into a modern office complex that will serve the next generation of talent in the workplace,” Bergman said.
