EWING TOWNSHIP, NJ—Less than four years after acquiring the property, Rubenstein Partners declared victory and flipped Princeton South Corporate Center, a 268,000 square-foot, two-building class A office park in located in Ewing Township, NJ. Terms of the deal were not disclosed.

“As an investor, our main focus is to acquire prominent office assets in robust local markets, and then apply our vertically integrated platform to maximize their true value,” says Stephen Card, regional director for the Mid-Atlantic region for Rubenstein Partners. “The Princeton South Corporate Center fit the bill for our investment criteria when we first acquired it. When the asset exceeded our original investment goals, Rubenstein Partners felt the time was right to explore potential sale opportunities. We're happy to announce this disposition, which completes our overall investment strategy.”

Rubenstein Partners acquired the property, which is comprised of both 100 Princeton South and 200 Princeton South in July 2011 and the company has spent the last three years focused on increasing tenancy and enhancing the property. A person familiar with the building's history recalled that Rubenstein coveted the buildings for some two years before finally acquiring them at a sheriff's foreclosure sale with just two weeks' notice to conduct due diligence.

Tom Walsh and Joe Garibaldi of Jones Lang LaSalle represented Rubenstein Partners on the sale.

“The property's amenities and great location has made Princeton South an attractive option for regional businesses. The recent addition of Philadelphia Insurance Company is a testament to the value of this asset,” says Craig Zolot, director of asset management for Rubenstein Partners.    

In addition to the sale of the asset, the property is also welcoming a new tenant, as Philadelphia Insurance Company recently leased 30,000 square feet at 100 Princeton South, occupying the entire 4th floor of the building.