Behringer Harvard Picks Up Two Office Properties

The two assets are three-story buildings with a combined total of just less than 97,500 sf. Located on a 6.6-acre site off US Route 1 just south of princeton, the buildings were 98% leased at the time of sale. Major tenants include Nassau Broadcasting, a radio broadcasting company, and Wells Fargo Bank.

"With their strong rent roll and close proximity to Princeton University, we expect these stabilized properties to provide predictable cash flow for our REIT investors," says Robert M. Behringer, chairman and CEO of the Dallas-based Behringer Harvard. "The Princeton office market has consistently outperformed surrounding markets in Central New Jersey in terms of occupancy and rental rates over the past two years."

Behringer Harvard has also tapped Trammell Crow Co. to manage and lease the newly acquired buildings.