EWING TWP., NJ-Computer Associates International has agreed to lease two full floors as the initial tenant in the first building of the new PrincetonSouth Corporate Center here. The asset is one of two buildings under construction by Opus East in a corporate campus that will build out to a total of 740,000 sf in a half-dozen buildings.

The deal was brokered for Opus East by Aubrey Haines and Sab Russo of Mercer Oak Realty, Lawrenceville, NJ, and for CA by Joshua Gleiber and Jon Meisel of Jones Lang LaSalle. Opus East declined to release information on the transaction, including the sf involved, other than to indicate that CA would be consolidating three Princeton-area offices at the site. However, the signing puts the spec building at 55% leased, according to Opus East, which combined with the two-floor occupancy would put the deal in the area of 88,000 sf. Comparable space in the market carries asking prices of $30 to $35 per square foot.

“The fact that this was a spec building and is already 55% pre-leased just two months after breaking ground reinforces the viability of this market,” says Craig Guers, SVP and general manager of Opus East in Philadelphia, in a statement.

The complex lies at a recently renovated intersection of I-95 and Route 31. “Our construction of a four-lane connector road to link Route 31 and Lower Ferry Road will be a significant improvement for the area,” says Bill Walters, director of real estate for Opus East in Philadelphia. “And with this lease agreement effectively closing out 55% of the first building, we can now turn our attention to the second office building.”

As GlobeSt.com reported, Opus East broke ground in October, with the first two buildings slated for completion in the fall. Besides the half-dozen office buildings, the project’s overall site plan calls for a hotel/conference center, several restaurants and a bank branch.

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?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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 © 2024 ALM Global, LLC. All Rights Reserved.