College Park resuffle

Real Estate Weekly, June 9, 2004

Unique, related lease transactions have reflected two major Princeton finns' requirements for larger quarters and a landlord's ability and willingness to accommodate long-term tenants while keeping its buildings at full occupancy.

National Business Parks, managers of College Park at Princeton Forrestal Center has announced that SES AMERICOM, the largest provider of satellite services in the U.S., has leased an additional 19,000 s/f of space at 4 Research Way adding to the 110,000 s/f it already occupies and making it the sole occupant of the 128,595 s/f building.

In a related transaction, another College Park tenant, NeoStrata, a developer and marketer of skin care products, which was formerly based at 4 Research Way since 1992, will be relocating to 32,000 s/f of space at 307 College Road East in an expansion move.

"This is an excellent example of the advantages of a multi-building office park," said Vincent Marano, COO of National Business Parks, who announced details of the two long-term transactions.

"Both SES AMERICOM and NeoStrata are long-time, valued tenants who have recently outgrown their present offices here. We were able to relocate NeoStrata to 307 College Road East, where it already occupied 10,000 s/f as laboratory space. This provided them with the advantage of having all their facilities under one roof and allowed SES AMERICOM to occupy 4 Research Way, where it has been located since 1984, in its entirety.

Mr. Marano and NBP leasing director, Tom Stange represented College Park owners, Lawrence Zirinsky Associates in both transactions.

College Park, an 11- building office center fronting Route 1, has long been identified as a venue for companies involved in high-tech research and development and financial services firms. Tenants include Panasonic, FMC Corp. Hitachi, Orchid Biosciences, Bracco Research, and Bloomberg L.P.

A major new addition involving a sophisticated 5-building office/ research complex totaling 345,000 square feet has been announced for College Park. The new park, College Park 2, which is being developed on a build-to-suit basis, is located on a site adjacent to the existing College Park campus.