And what makes the deal, arranged by Cushman & Wakefield's Metropolitan Area Financial Services Group (FSG) of East Rutherford, NJ, especially interesting is that it's a record-setter. The sale price of $54 million factors out to just over $239 per sf, representing the highest price-per-sf sale in one of the state's priciest office markets.

The FSG represented the seller and procured the buyer in this latest transaction, according to C&W's Andrew J. Merin. His group originally arranged the sale of the asset's 24-acre site within Princeton Forrestal Center three years ago, with Patrinely buying it from Princeton University. The company quickly followed with the development of the 154,150-sf 100 College Road West the same year, and added the 71,550-sf 150 College Road West just a year later.

"Its visibility, accessibility and quality of life drew a great deal of interest from potential investors," says Merin of the property that went on the market last year. "New Valley Corp. ultimately walked away with one of the most attractive investment opportunities in New Jersey in the last year."

Both of the three-story buildings are currently fully occupied with a tenant roster headed by Novo Nordisk Pharmaceuticals; the law firm of Duane, Morris & Heckscher LP; and American Re-Insurance Co. Princeton Corporate Campus sits adjacent to Princeton Forrestal Village, a 420,000-sf retail and office center.

It's all part of the larger Princeton Forrestal Center, a sprawling 2,200-acre project that totals nearly five million sf of mixed-use space, including such major users as Merrill Lynch, Bristol-Myers Squibb and Siemens. Princeton University launched the development of its namesake project back in 1975.