Colliers said Tuesday that it secured two long-term leases totaling more than 9,000 square feet of space at Penn Medicine Princeton Medical Arts Pavilion at 5 Plainsboro Road in Princeton.
Princeton Dermatology Associates signed a new, 10-year lease for 3,222 square feet of space, while Princeton Orthopaedic Associates renewed its lease for a 12-year term and expanded its footprint to 5,800 square feet in the property.
The Medical Arts Pavilion is regarded as one of the highest-quality medical office buildings in the state. Located within the Penn Medicine Princeton Medical Center’s campus, the building provides functional space for an ambulatory center, diagnostics, radiology, offices for private physicians and covered patient drop-off and pick-up.
The property offers direct access to clinical institutions, full amenities including a fitness center and a cafeteria, and is also a LEED Certified, energy efficient building. Heitman Capital Management and asset management firm NexCore Group together have worked with PennMed Princeton and other tenants in the building to lower operating expenses year over year since acquiring the Medical Arts Pavilion in 2018.
A Colliers team led by Executive Managing Director Charlie Hatfield along with Associate Director Brett Incollingo represented the landlord in both transactions.
“We are proud to have again represented the building owners Heitman Capital Management and asset management firm NexCore, who operate a best-in-class medical office building within this region,” Hatfield said. “Exceptional medical office space is difficult to find in a tight market, and these leases ensure that the Princeton area will continue to provide residents from all over the state and region with even better access to top-quality health care and services.”
“Our leasing team finished the year strong, which was a goal of mine. We accomplished quite a bit this year, with a new 7,500-square-foot cancer center and the renewal of other existing tenants. I look forward to a strong 2022, as our vacancy rate is at its lowest rate since our acquisition of this asset. Our roster of medical tenants is best in class, which helps to separate us from other medical office buildings in the region,” said Jay Jones, vice president, real estate management, NexCore Group.
Princeton is home to one of the world’s best universities and has been named as one of the best places to live in the country, making it an attractive destination for businesses of all types. The city is located just an hour away from both New York City and Philadelphia, and the Penn Medicine Princeton Medical Center Medical Arts Pavilion is a short commute from the town’s main attractions, including Nassau Street, McCarter Theatre, Grounds for Sculpture, Arm & Hammer Park and the Cure Insurance Arena.
