The two assets include 301 Carnegie Dr., an existing 127,500-sfclass A office building, and 300 Carnegie Dr., an 8.2-acredevelopment parcel that was cleared earlier this year forconstruction of a three-story, 84,000-sf office building. Bothproperties were acquired by BPG in 2004 as part of a largermulti-propertyportfolio in New Jersey, New York and Pennsylvania.

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"This transaction marks the completion of our value-addedstrategy for this property," says Christopher Locatell, VP of BPG,who was in charge of the acquisition, redevelopment and subsequentsale. "We repositioned and increased occupancy at 301 Carnegie,while creating additional value by getting final approvals andcompleting the design of the new building on the adjacentparcel."

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In Q1 of this year, BPG wrapped up a multimillion-dollarrenovation of 301 Carnegie, which sits along Route 1 at one of themain entrances to the larger Carnegie Center office campus. Thatrenovation included a reconstruction of the main lobby, common areaupgrades and a new café.

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During the three years that BPG owned the four-story 301Carnegie, the building's occupancy was increased from 33% to itscurrent 73%. The most significant signing came in early 2006 whenthe law firm of Pepper Hamiltontook an entire floor, amounting to 31,000 sf. Other tenants includeBank of America and KPMG. The current availability amounts toapproximately 35,500 sf.

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"It offers users an opportunity to fit out new office space inthe 3,000 to 25,000-sf range," says Hilton Realty's Matt Malatich."It is a landmark Princeton market building. Built in 1984, it wasone of the first buildings in the Carnegie Center complex. We'veadded a fine asset to our portfolio."

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With the recent completion and partial lease-up of the135,000-sf 902 Carnegie Center and the acquisition of 300 and 301Carnegie, Hilton currently has 98,000 sf of high-end existing spaceavailable, plus the 84,000 sf that 300 Carnegie will add to themarketplace Malatich reports.

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