Prism Capital Partners, LLC
200 Broadacres Drive
Bloomfield, NJ 07003
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Release Date: Friday, January 03, 2014
Media Contact: Evelyn Weiss Francisco (201) 796-7788
Multi-Million-Dollar Program Aimed at Upholding Park's Competitive Positioning
LAWRENCEVILLE, N.J., Jan. 3, 2014 – Prism Capital Partners, LLC has launched a multi-million-dollar capital improvement project at Princeton Pike Corporate Center in Lawrenceville. According to Jon Hoff, the firm's senior vice president of management services, the work focuses almost exclusively on cosmetic and mechanical upgrades at the eight-building, 800,000-square-foot, Class A campus.
Prism, with Angelo, Gordon & Co., acquired Princeton Pike Corporate Center earlier this year; the Bloomfield, N.J., firm serves as operating partner for the joint venture. Constructed on 100 acres between 1984 and the early 1990s, Princeton Pike is approximately 90 percent leased, with key tenants including Sirius XM Radio, Wells Fargo Advisors, Stark & Stark, Princeton Healthcare Services, Fox Rothschild LLP, MetLife Solutions Group, Philadelphia Insurance Companies and Ono Pharma USA, Inc., among others.
"This is a great set of assets with excellent tenants," Hoff noted. "Our goal in upgrading Princeton Pike is to gain even better competitive positioning in the regional market. Ultimately, we are committed to providing an environment that fosters both tenant retention and new leasing interest."
Lobby renovations; elevator and HVAC modernizations; updated restrooms; and new lighting, wall coverings, paint and carpeting are among the various upgrades underway at select buildings. Parking lot repaving, new roofs, building skins and other exterior renovations are being made at others. At one building previously leased to a single occupant, Prism is converting common areas to accommodate multi-tenant occupancy.
"It is going to be a busy and productive 12 months," Hoff said. "Ultimately, we look forward to bringing Princeton Pike Corporate Center to the standards Prism maintains throughout its portfolio. We are confident that these improvements and our best-in-class client services will further distinguish this property within the Princeton office corridor."
Located at the intersection of U.S. Route 1 and I-195, Princeton Pike Corporate Center is just minutes from downtown Princeton. The campus offers a cohesive office park environment as well as future development opportunities on approved land.