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PRINCETON, NJ-Two years after picking up 100 and 150 College Rd. West for $54 million, New Valley Corp. has sold the assets to an entity advised by Falcon Real Estate Investment Co. LP for $71.5 million. The Miami-based New Valley expects the sale of the pair, which have approximately 225,000 sf of rentable space, will close in February. New Valley representatives did not return a request for additional information about the sale.

The two buildings were originally purchased from an entity affiliated with Patrinely Group LLC and Apollo Real Estate Investment Fund III LP. New Valley financed a portion of the purchase price with a four-year, $40.5-million non-recourse mortgage loan on the properties from HSBC Realty Credit Corp.

New Valley, which has a 50% ownership interest in residential brokerage Douglas Elliman Realty, reported third quarter 2004 revenues of $1.8 million, compared to revenues of $1.8 million in the third quarter of 2003. For the nine months ended Sept. 30, revenues were $5.4 million, compared to revenues of $5.4 million for the first nine months of 2003.

Other interest has been shown in the Princeton office market. In late October, the Patrinely Group and USAA Real Estate broke ground for 1100 Campus Rd., a 167,000-sf class A office building. The start of work marked first new speculative office building in the market in at least five years. 1100 Campus Rd. is also the initial phase of Princeton Corporate Campus within Princeton Forrestal Center, a master-planned business park. At build-out, the 75-acre Princeton Corporate Center will encompass five, five-story buildings totaling upward of 800,000 sf.

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