345,000-SF College Park Expansion Under Way

PRINCETON, NJ-College Park at Princeton Forrestal Center, already home to such corporate names as Bloomberg, GE, Panasonic, Hitachi, Armkel/Medpoint, Bracco Diagnostics and Orchid Biosciences, is about to get an infusion of new space. Approvals are now in place to begin work on a 345,000-sf expansion to the 11-building, 814,000-sf complex.

Altogether, the expansion will consist of five buildings of between 60,000 and 75,000 sf, and between one and four stories. Site work will begin shortly for the first three buildings on the 31-acre site fronting on Route 1, according to Vincent Marano, chief operating officer of National Business Parks, based here. NBP manages the College Park property for owner Lawrence Zirinsky Associates, and is responsible for construction management and leasing for the expansion.

Lawrence Zirinsky Associates is developing the expansion on a build-to-suit basis, according to Marano. He points out that College Park “has operated at nearly 100% occupancy for the past five years, with tenant firms typically expanding to new space as it becomes available.

“The new facilities are designed specifically to meet the requirements of R&D companies,” Marano continues. “The expansion will contain class A office, laboratory and R&D space. We are currently in advanced talks with a major high-tech firm for a substantial portion of the space in the new complex.”

Among other things, the R&D space within the expansion will contain 20-foot ceiling heights and heavy-duty electric. It will be custom-designed for each tenant.

The 31-acre expansion is contiguous to the existing 85-acre College Park, a wooded campus-style development that has restaurants and cafeterias, athletic fields, hiking and jogging paths. Nearby are such hostelries as the Doral Forrestal, Hyatt, Marriott and Novotel. New Jersey Transit and Amtrak service are also nearby at the Princeton Junction station.

The existing space at College Park has historically attracted a number of multi-national tenants, according to Marano. Space users have tended to be dominated by R&D and financial services. No timeline has been announced for the expansion, pending the signing of a major tenant.