Broker/Dealer Firm Acquires Lawrenceville Office

LAWRENCE TOWNSHIP, NJ—Privately-held securities broker/dealer firm David Lerner Associates has acquired 134 Franklin Corner Road in Lawrence, NJ, a 25,000-square-foot office building that was once the headquarters of Trenton Savings Bank.

Colliers International associate director Vinny DiMeglio represented David Lerner Associates in the transaction, while executive managing director Thomas Romano and senior managing director Tim Norris represented the seller.

"We've seen more activity over the last 24 months with tenants wanting to convert from leasing to owning," DiMeglio tells GlobeSt.com exclusively. "We've sold a building in Yardley to a tenant who was leasing space in Hamilton, the owners of the company were interested in being real estate investors and not just sinking their money into rent." He says the local Babe Ruth baseball league recently expanded and is selling its property to buyers who are moving from being tenants to owners as well.

"For the small business entrepreneur in this market who has a couple of thousand square feet, it's difficult to find space because the opportunities lie within leasing real estate," says DiMeglio. "As tenants have sat on the sidelines, as the economy has improved, they've got some cash they want to invest, and they see the value and the opportunities."

David Lerner Associates will relocate to 8,600 square feet on the second floor of the two-story property. Trenton Savings Bank was acquired by Sovereign Bank in 1999. Multiple tenants have occupied the building, which has been owned by an investor/developer since that time, DiMeglio says. "The previous owner's holdings are really out in Pennsylvania, and 134 Franklin was the last building that he had in New Jersey," says DiMeglio. "He really just wanted to sell the asset, and David Lerner was able to get it for a fairly reasonable price." DiMeglio declined to disclose the actual sale price, but industry observers familiar with the market say the price was probably around $120 per square foot.

Colliers International is actively marketing the remaining 12,000 square feet of available space at the building, which can accommodate tenants in spaces ranging from 1,000 to 10,000 square feet.

The property, built in 1975, features a marble-floored lobby with new furnishings and upgraded lighting. Parking lot and landscaping improvements are planned. In addition to its offices in New Jersey and New York, David Lerner Associates maintains offices in Boca Raton, Florida and Westport, Connecticut.

Romano says 134 Franklin Corner Road's campus-like setting is an ideal option for a professional or medical office tenants. It is easily accessible to Route 1 and Interstate 95, and in close proximity to an array of retail, shops and restaurants.