Church & Dwight Leases 42,000 SF

Tom Romano of locally based GVA Buschman negotiated for building owner GHP Office Realty, the office building division of White Plains-based Houlihan-Parnes/iCap Realty Advisors. Jane Moni and Richard Gittleman of Triad Properties represented Church & Dwight. Terms were not released; however, the space had been listed on GHP Office Realty's website with an asking price of $32 per sf plus tenant electric for a five- to 10-year term. Church & Dwight's lease effectively fills the building.

GHP Office Realty bought the 52,000-sf building, which had been vacant for a number of years, just more than two years ago. The company subsequently spent $10 million to upgrade it, adding a new facade, lobbies and utility services. A new roof and upgraded landscaping were also added to the 10-acre site. Robert Hillier of Hillier Architecture designed the makeover, and Tom O'Shea of Von Note Harvey Associates was the project manager.

"New, quality class A office space in the downtown Princeton market is a commodity," says Andrew Greenspan, a principal of GHP Office Realty. "Despite all of the development in the general vicinity, Downtown Princeton remains a place with significant pent-up demand. Church & Dwight has a tremendous opportunity to create a headquarters campus."

Founded 160 years ago, Dwight & Church had revenues of almost $2 billion last year. The company makes and markets a wide range of household, personal care and specialty consumer products, including Arm & Hammer, Brillo, Arrid, Nair and Mentadent.