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4,000 SF Lease Brings 21 Roszel Road to Full Occupancy, Built-to-Suit Opportunity Remains at 19 Roszel Road
WEST WINDSOR, N.J., May 17, 2019 – Sirius Group’s lease for 4,000 square feet at 21 Roszel Road brings the 62,500-square-foot office building to full occupancy and represents another significant milestone at the two-building Roszel Square development in West Windsor, N.J. The Class A asset – along with 19 Roszel Road, a neighboring build-to-suit opportunity – is one of several joint ventures between Mountain Development Corp. (MDC) and Gottesman Real Estate Partners.
Built in 2015, 21 Roszel Road offers high ceilings, plentiful natural light, an outdoor plaza, an on-site café and a newly completed state-of-the-art fitness center. The co-tenancy includes law firm Hill Wallack LLP – which occupies 48,000 square feet on the top two floors – and Ripen e-commerce, which occupies 9,200 square feet on the first floor. As the building’s lead tenant, Hill Wallack played a major role in planning and personalizing the design of its space and of aspects of the building, working collaboratively with the development and architectural firm. “MDC’s team was so easy to work with,” said Laura Katana, facilities manager at Hill Wallack. “We had been in our previous, functionally-obsolete space since the early 90’s, and MDC really helped us to visualize what we could accomplish as a firm and really made it come to life.”
“The Princeton/West Windsor market is one of the few in New Jersey that offers tenants the opportunity to move into brand-new, build-to-suit space for exactly the same rental rate that they would pay for older, less-contemporary, second generation offices,” said Michael Seeve, MDC president. “We are pleased to welcome another prestigious tenant to 21 Roszel Road and look forward to having one or two companies join in the special community that has been created here at 19 Roszel Road.”
Mid-Size Built-to-Suit Presents One-of-a-Kind Opportunity
The venture is looking to secure a tenant of at least 10,000 square feet to anchor 19 Roszel Road, which will total about 38,000 square feet. Fully entitled and “shovel ready,” the site presents a unique opportunity for a mid-size company to design and create its own space in a location widely regarded as one of the top and most prestigious office markets in the Garden State.
Building signage is a key amenity for prospective tenants, according to Sab Russo, president of Mercer Oak Realty, exclusive leasing agent for Roszel Square. “One of the biggest advantages for a lead tenant at 19 Roszel Road is the ability to have the company’s name on the building. Naming rights for tenants of this size are highly unusual – but extremely valuable – in terms of marketing and creating brand identity for a law or accounting firm, high-tech company or professional services firm. This building’s smaller size will allow tenants to have a big impact.”
The space could be delivered to a tenant as soon as 10 months from lease signing, said Russo. “This site is fully entitled with all infrastructure in place and utilities on-site, so it can be delivered very quickly. 19 Roszel Road represents a very viable and visible option for the smaller tenant that may not have ever considered built-to-suit as a possibility,” he explained.
Roszel Square is at the epicenter of the Route 1 corridor in central New Jersey, one of the most distinctive corporate locations in the United States. The region is home to countless Fortune 500 companies and the professional firms that work with them, as well as Princeton University and the research-and-technology region known as Einstein’s Alley. Situated adjacent to the Carnegie Center, Roszel Square is easily accessible to mass transportation via the nearby Princeton Junction train station and is in proximity to first-class shopping, dining, hospitality and recreation.
About Mountain Development Corp.
MDC has more than 30 years of experience developing, acquiring, constructing, repositioning, managing, leasing and operating commercial property. The company is an active acquirer of a broad range of opportunistic and value-added real estate investments capable of generating attractive, risk-adjusted returns for both its principals and equity partners. Active throughout the Northeast, MDC’s accomplished staff includes in-house development, accounting, property management, construction, leasing and marketing professionals, enabling the company to operate autonomously and deliver expeditious, successful results.
About Gottesman Real Estate Partners
Gottesman Real Estate Partners has earned its reputation over seven decades as one of the most hands-on owners and managers in suburban New York real estate. Tracing its roots to parking lots and self-storage facilities—true operating businesses that demand unparalleled service and the desire to impress customers every day—Gottesman Real Estate now focuses on office buildings whose tenants likewise expect attentive ownership. We specialize in high-touch markets such as Princeton, Chatham and Roseland, N.J., Newtown, Penn., and Stamford, Conn., where our drive to collaborate with Class A tenants helps to create top-flight spaces for our customers and successful investments for our family.
About Mercer Oak Realty
Mercer Oak Realty (MOR) is a vertically integrated, Princeton-focused commercial real estate services firm. Established in 2002, the firm is led by Aubrey Haines (20 years at Jackson Cross/Trammell Crow) and Sab Russo (20 years at CBRE). Service lines include Commercial Brokerage, Consulting and Development/Advisory Services. MOR consistently ranks as one of the top firms in Princeton market share in terms of transaction value and square footage leased/sold. Through its Princeton Property Management affiliate, the firm has over 400,000 sf under management making PPM one of the largest third-party property managers in the Princeton Market.