X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PRINCETON, NJ-The Gale Co. thinks it has the solution to what has, for years, ailed the 175,000-sf retail portion of Princeton Forrestal Village. The company, which serves as management, development and leasing agent for the property, has just received approval from local officials to substantially reposition the tenant mix.

The long-struggling retail component was supposed to feed off the 16-year-old complex’s 320,000-sf office component, as well as a 294-room hotel and conference center (recently reflagged as a Westin) and other nearby businesses. Gale’s plan to solve its problems involves renaming the retail portion Rockingham Plaza and filling its many vacancies with a more service-oriented tenant group.

Targeted tenant types include medical, professional, health and fitness, education and personal services, according to Greg Lezynski, vice president of leasing for the Florham Park, NJ-based Gale, as well as such users as theater groups, cultural and recreational facilities and financial services.

“Under the new plan, we are now able to offer space for uses that have been in great demand in this area,” according to Lezynski. “We expect Rockingham Plaza to be well received in the marketplace.”

Traditional retail will continue to be part of the mix, according to Lezynski, who notes that current tenants include Bass Shoe, Nine West, Izod, Dansk, Dress Barn, Casual Corner and Subway, among others. The office component of the Praedium Princeton LLC-owned Princeton Forrestal Center has fared better; it’s currently 93% leased to such tenants as AG Edwards & Sons, Kemper Insurance, Reed Smith, Robert Half International and Drake Beam Morin.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.