140,000-SF Class A Building Will Rise on Spec

PRINCETON, NJ-Advance Realty Group, based in Bedminster, NJ, is in the final planning and approval stages for a new 140,000-sf class A office building at Carnegie Center here. Being built on a speculative basis, which is unusual in the current conditions, the five-story asset located at 902 Carnegie Center is Advance’s second new facility in the Princeton marketplace. In the first, the company recently completed work on Metro Office Center III in West Windsor.

Advance is also working with the Sarnoff organization to develop several million sf of office and R&D space at the latter’s nearby research campus (see earlier story). That project entails the redevelopment and expansion of Sarnoff’s existing facilities as an anchor for a substantially larger technology-based business park.

The 902 Carnegie Center complex, meanwhile, will be what Advance officials describe as “a distinctive brick and glass structure” on the westbound side of Route 1. Carnegie Center, which is generally considered to be one of the premier office parks on the East Coast, offers a campus setting and includes a hotel, recreational, retail and dining facilities.

Advance has also tapped Cushman & Wakefield of New Jersey, based in East Rutherford, as exclusive leasing agent for the new asset. Specifically, the firm’s Jonathan Meisel and Walter Schoenberg will head the marketing and leasing effort.

“This class A development offers prospective tenants a great location, great amenities, and a highly desirable Carnegie Center address,” according to Dean O. Lundahl, senior vice president and regional managing director for Advance Realty Group. “We look forward to working with Cushman & Wakefield to market this development.”

“We have built a reputation and expertise in the Princeton marketplace,” says C&W’s Meisel. “We anticipate strong tenant demand for 902 Carnegie Center.”

Besides its Bedminster, NJ home base, Advance has offices in the suburban Philadelphia, Washington, DC and Boston markets. The firm is one of the largest privately held real estate development organizations in the Northeast.