"This sale represents the first step in our strategy to dispose, over time, assets located outside of our core markets," Griffin says. "That strategy provides the opportunity to recycle capital into acquisitions and development in our higher growth markets." The deal was arranged for COPT by GVA Williams Buschman of Lawrenceville, NJ.

The existing buildings involved in the sale, all located in the greater Princeton marketplace and more than 90% leased to multiple tenants, include the 61,400-sf 4301 Route 1, a three-story office building here. COPT acquired the asset, also known as the Princeton Executive Center, in 1999.

The other two existing assets are 91,000-sf, two-building 101 and 104 Interchange Plaza here and in the adjacent Monroe Twp. The buyer also picked up a development parcel known as 102 Interchange Plaza adjacent to the 101 and 104 buildings, a site that is approved for a 52,000-sf building.

"We have handled the leasing of this portfolio since 1997, and this set of buildings has had a very high rate of occupancy during our years on this assignment," says Thomas Romano, senior vice president of GVA Williams Buschman. "COPT chose perfect market timing with which to sell well-leased office product in New Jersey, and the buyer picked up strong locations."