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PRINCETON, NJ-BPG Properties has shed two properties within Carnegie Center here, including an existing building and an adjacent site cleared for development. The Philadelphia-based BPG sold the properties to S&S Investments, an affiliate of the locally based Hilton Realty Co. for an undisclosed price.

The two assets include 301 Carnegie Dr., an existing 127,500-sf class A office building, and 300 Carnegie Dr., an 8.2-acre development parcel that was cleared earlier this year for construction of a three-story, 84,000-sf office building. Both properties were acquired by BPG in 2004 as part of a larger multi-property portfolio in New Jersey, New York and Pennsylvania.

“This transaction marks the completion of our value-added strategy for this property,” says Christopher Locatell, VP of BPG, who was in charge of the acquisition, redevelopment and subsequent sale. “We repositioned and increased occupancy at 301 Carnegie, while creating additional value by getting final approvals and completing the design of the new building on the adjacent parcel.”

In Q1 of this year, BPG wrapped up a multimillion-dollar renovation of 301 Carnegie, which sits along Route 1 at one of the main entrances to the larger Carnegie Center office campus. That renovation included a reconstruction of the main lobby, common area upgrades and a new café.

During the three years that BPG owned the four-story 301 Carnegie, the building’s occupancy was increased from 33% to its current 73%. The most significant signing came in early 2006 when the law firm of Pepper Hamilton took an entire floor, amounting to 31,000 sf. Other tenants include Bank of America and KPMG. The current availability amounts to approximately 35,500 sf.

“It offers users an opportunity to fit out new office space in the 3,000 to 25,000-sf range,” says Hilton Realty’s Matt Malatich. “It is a landmark Princeton market building. Built in 1984, it was one of the first buildings in the Carnegie Center complex. We’ve added a fine asset to our portfolio.”

With the recent completion and partial lease-up of the 135,000-sf 902 Carnegie Center and the acquisition of 300 and 301 Carnegie, Hilton currently has 98,000 sf of high-end existing space available, plus the 84,000 sf that 300 Carnegie will add to the marketplace Malatich reports.

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