Fennelly Associates negotiated the sale of 240 W. State St., a 240,000-square-foot office building in Trenton that will be converted to multifamily use, according to a Tuesday announcement from the real estate services firm.
The buyer plans to redevelop the 16-story property into a multifamily building planned for completion in 2026.
Fennelly Associates President Jerry Fennelly represented the seller, Garden State Commercial Properties, and the undisclosed buyer in the transaction.
Situated at the intersection of Calhoun Street, West State Street and Route 29 across from the Calhoun Bridge, 240 W. State St. is one of the tallest buildings in downtown Trenton. The property is just under two miles from the Trenton Transit Center and the West Trenton Train Station with access to New York City and Philadelphia, and was originally constructed as a hotel in 1969. It was most recently utilized as an office building. Aiming to build upon the continued demand for new housing in downtown Trenton, Fennelly Associates worked to attract a buyer interested in the adaptive reuse of the property.
The buyer’s plans will include a mix of studio, one- and two-bedroom apartments paired with a robust amenity package including a fitness center, pool and ground floor café. In addition, the company will renovate the building’s enclosed parking garage.
“For decades, we have harnessed our expertise and creativity to bring investments and businesses into Trenton,” Fennelly said. “We were honored to bring the sale of 240 W. State St. across the finish line, and we are excited to watch its transformation into a point of pride for the local community.”
