Medical practices sign long-term lease, renewal in Princeton

Two medical practices have signed long-term leases at a medical arts building in Princeton, according to real estate firm Colliers International Group Inc.

The firm said Penn Medicine Oncology is opening a new, 7,199-square-foot oncology suite at Penn Medicine Princeton Medical Center Medical Arts Pavilion, at 5 Plainsboro Road. In addition, Princeton Infectious Disease Associates renewed its lease for 1,362 square feet of office space, Colliers said.

The team of Charlie Hatfield, executive managing director, Brett Incollingo, associate director, and Joseph Fetterman, executive vice president, represented the building owner, Heitman Group, as well as Penn Medicine Princeton Health in the oncology lease. It represented both the owner and the tenant in the renewal deal.

“The Princeton market has performed remarkably well, considering the challenges posed by the pandemic,” Hatfield said in a prepared statement. “Our team was honored to work with Penn Medicine, NexCore Group and Heitman Group, one of the finest medical institutions in the country, to help bring medical practices that offer New Jersey residents top-quality care.”

The pavilion is located on the Penn Medicine Princeton Medical Center campus, and is managed by NexCore Properties LLC.