Representing Horizon was Steve Tolkach, managing principal ofNewmark Knight Frank's Princeton office, while Mark Hill served asHilton's in-house leasing representative. The value of the leasewas not disclosed, but sources place the property's total value ataround $15 million.

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"The current market climate brought about a fortunateopportunity for Horizon NJ Health to negotiate favorable terms fora long-term extension of its lease," Tolkach says. "Like many dealsin today's market, we were able to restructure terms for the longhaul and also gain an immediate rental savings and other importantincentives for our client."

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One of these incentives, according to Tolkach, is the building'slocation in Ewing Commerce Park, a multi-building,350,000-square-foot-plus office and flex park situated alongInterstate 95 and minutes from Trenton. "Being near the statecapital is essential for Horizon NJ Health, which serves publiclyinsured individuals in the Medicaid and NJ FamilyCare programs," hesays. "The most important point is that we were able to find aclass A building, with rents that we feel are undermarket, whichalso allows for easy access to Trenton."

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