Built in 1987 and located adjacent to Princeton ForrestalCenter, the property consists of 320,000 sf of office space, whichis currently 93% leased, plus 175,000 sf of retail space, a294-room Westin Hotel and an accredited daycare center, all laidout in an innovative village configuration. The property's focalpoint is a landscaped square featuring a fountain andcourtyards.

"We invested in this property because it is well-located alongmajor commuter routes within the Princeton metro area," saysPraedium CFO Frank Patafio of the asset, which is situated in theNew Jersey Turnpike/Route 1 corridor. "During our ownership, wedeveloped an additional office building and enhanced occupancysignificantly."

Job one for Gale, which has exclusively leased and managed theproperty for Praedium for the last dozen years, is to fix theVillage's weak retail component, which has struggled for years andhas never really found a market. The retail is divided amongground-floor shops underlying the project's office buildings, aswell as a separate two-level, 100,000-sf food-court-anchoredshopping center that, other than the food court, has been largelyvacant in recent years.

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