MSNJ isn't going anywhere, however. The group has signed a long-term lease and will continue to maintain its headquarters at the building, which is located at 2 Princess Rd. in this Princeton-area community.

Both the building's sale and the subsequent lease were arranged by Stan Kurzweil, senior vice president, Jeff Furey, associate vice president and Thomas March of the Somerset office of Colliers Houston & Co. The Teaneck-based firm also maintains an office in Parsippany. The terms of the lease were not disclosed.

The medical society, which dates back to 1766 and is said to be the oldest professional society in the US, will continue to occupy the majority of the asset with its administrative offices as well as medical space. The new owner will turn it into a multi-tenant building, and Colliers Houston says it has a lease in hand for an additional tenant, a medical company whose signing is said to bring the facility to 100% occupancy. Company officials declined to identify the new tenant pending finalization of the lease.

New owner M. Gordon Construction, meanwhile, has as one of its specialties the construction and operation of medical arts-related buildings. The company currently has a portfolio of more than two dozen such buildings in Northern and Central New Jersey, most in the 20,000- to 40,000-sf range, and most located near major hospitals.

In the sale-leaseback transaction, attorney Lynn Blessing McDougall of Robbinsville was legal counsel for Gordon Construction. Steven A. Holt of Kern, Augustine, Conroy and Schoppman was legal counsel for MSNJ.

Instant Insights /

72,000-SF Building Changes Ownership

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