The catch is that the building is currently vacant--built 30years ago, it was formerly occupied by the Federal government'sCenter for Communications Research. It's also in need of someserious work, and GHP has already announced that it plans to spendupwards of $6 million to turn it into a class A,headquarters-quality facility.

According to GHP managing partner Andrew Greenspan, the property"constitutes the largest contiguous block of available office spacein downtown Princeton. We are going to completely renovate thebuilding. When we are finished, this will be a completely newheadquarters-type building."

GHP has commissioned Hillier Architecture of Princeton to effectthe changes in the building, which sits on 10 acres. Gus Castaldoof Houlihan Parnes/iCap Realty Advisors placed the constructionfinancing, and Pepper Hamilton LLP of Princeton repped GHP in thetransaction. Thomas Romano of GVA Williams/Buschman Partner,Lawrenceville, NJ is the leasing agent for the property.