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PRINCETON, NJ-Syska Hennessy Group has relocated its Princeton regional office to 105 College Rd., within the College Park complex at Princeton Forrestal Center here.

The consulting and engineering firm leased 9,000 square feet at 105 College Rd. E., which will accommodate its staff of 35 professionals. The long-term lease was brokered by Jones Lang LaSalle, and will be under the management of National Business Parks, Inc.

The firm’s new office is only five miles from the previous site, which was located at Boston Properties’ 502 Carnegie Center. Strategic incentives for the move include the more cost effective lease at College Park, its location fronting Route 1 and the growing high tech research and development community.

John Bilotta, Syska Hennessy vice president and site leader, tells GlobeSt.com, “The new space and layout will also be more conducive to our day-to-day business which our employees will appreciate and deserve.”

According to Vincent Marano, COO of National Business Parks, landlords are becoming competitive and extremely flexible in lease negotiations and are offering generous concessions in the effort to keep their building filled.

“Rents in Princeton are now averaging in the mid-$20s, down from the upper-$20s less than 18 months ago,” Marano says. And while vacancy factors in Princeton are currently 16% to 17%, well below the statewide average, they still reflect a significant number of tenants lost.

“National Business Parks has always done whatever it can do to retain its tenants, which has been our operating policy in good times and poor,” Marano adds. “We have continued to update our buildings with sophisticated HVAC systems, technological updates and remodeling programs that involve such luxury installations as granite flooring and specially designed lighting systems throughout public spaces.”

The attention to detail is paying off, as the 815,000-square-foot center is now 97% occupied, with firms opting to renew in what is clearly a tenants’ market, notes Marano. “In our business it’s very straight forward–without jobs, there’s no need for real estate. So from our point of view new jobs are the imperative.”

Two fully approved additions are planned for College Park, including College Park 2, a five-building office/research center containing 345,000 square feet on a 31-acre site adjacent to the existing College Park campus, and College Park 3, a four-building premier corporate office center on a 47-acre site contiguous to the College Park campus. Both new complexes will be developed on a build-to-suit basis.

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