The CB Richard Ellis New York Tri-State Investment Team, headed by Jeffrey R. Dunne, in collaboration with Lynn DeMarco, represented both the buyer and the seller. Further terms of the transaction were not disclosed.

Built back in the mid 80s, the three-story Princeton Pike Corporate Center I is part of the original five-building, 500,000-sf class A office campus of the same name. Situated near I-95, I-295 and the New Jersey Turnpike in the Princeton submarket, the asset is currently 97% leased to a tenant roster made up primarily of health, public utility, technology, consulting and financial services organizations.

Brandywine also owns both 1000 and 2000 Lenox Drive within Princeton Pike Corporate Center, the first two of three buildings that will add a total of 360,000 sf to the campus at build-out.

For its part, Praedium also recently closed on a $465 million real estate private equity fund, Praedium Fund V, equity that will be leveraged to acquire upwards of $1.5 billion in properties. The fund is investing in mid-cap assets throughout the US and Canada in the $10 million to $70 million range, according to company officials. Targets include multifamily, office, retail and industrial property types.