Princeton Renovations Spur Lease Renewals, New Signings

PRINCETON, NJ—Major renovations are playing a role as financial services firm Klitzberg Associates, a tenant at 600 Alexander Road in Princeton, NJ, for more than three decades, has renewed its lease, and law firm Dumont & Watson is moving in.

CBRE has completed lease transactions with Dumont & Watson and with Klitzberg Associates while the building's owner, Ivy Alexander Properties continues a multimillion-dollar renovation at the property near Route 1.  

The CBRE team of Joseph Sarno, executive vice president, and Doug Petrozzini and Jeremy Neuer, senior vice presidents, serves as the exclusive leasing agent for the property and represented Ivy Alexander Properties in both transactions.

One of the first tenants to move into 600 Alexander Road more than 30 years ago, Klitzberg Associates has renewed its lease at the property on a long-term basis. A new tenant of the property, Dumont & Watson relocated from downtown Princeton, signing a long-term lease at the building. 

“These two transactions demonstrate ownership's investment in the asset and the level of improvement since purchasing the building,” says Petrozzini. “The property is one of the most sought-after office buildings in the Princeton market, as clearly demonstrated through this renewal with its oldest tenant and the continued demand from new tenants, such as Dumont & Watson.”

The transactions with Klitzberg Associates and Dumont & Watson are the latest of a number of new leases and lease renewals at 600 Alexander Road. In 2014, CBRE signed 10 leases at the property – six renewals and four new leases – as 50 percent of the property turned over due to lease expirations and vacancy.