Birch Group buys Princeton office portfolio from BentallGreenOak

Firm says it’s moving ahead with suburban office expansion

Tri-State /
Jul.July 27, 2021 02:18 PM
The Birch Group CEO Mark Meisner and 700 Alexander Park Drive (LinkedIn)

The Birch Group CEO Mark Meisner and 700 Alexander Park Drive (LinkedIn)

UPDATED, 6:30 p.m., July 27: The Birch Group has acquired a two-building office portfolio totaling 200,000 square feet in Princeton, New Jersey, as the company says it’s moving forward with its suburban office expansion.

The investment firm paid $47.3 million for a pair of three-story buildings at 600 and 700 Alexander Park Drive, it announced. The seller was BentallGreenOak.

Natixis provided the $37.8 million acquisition loan.

JLL’s Kevin O’Hearn and Jose Cruz represented the seller and the buyer in the transaction. JLL’s Greg Nalbandian advised on the financing. The brokerage is also leasing agent for the portfolio.

The 141,000-square-foot building at 600 Alexander is fully occupied by Mathematica, a national policy research firm. And the 72,000-square-foot building at 700 Alexander is 70 percent leased to multiple tenants, including Robert Half International, a publicly-traded recruiting company.

The region’s office market is facing low occupancy — as is much of the tristate area — and continued uncertainty as the pandemic-driven work-from-home landscape persists.

In the second quarter, New Jersey’s office vacancy rate hit a 15-year high of 18.8 percent, according to Avison Young. While some landlords have been unloading their properties, others are seeing opportunities amid the volatility. In April, Birch acquired Mack-Cali Realty’s office portfolio in Short Hills for $255 million.

Led by CEO and founder Mark Meisner, Nanuet, New York-based Birch has acquired nearly $800 million worth of office properties since 2019, the company said.






    Related Articles

    arrow_forward_ios
    290 Motor Parkway, the office of Flexible Business Systems (Getty, Google Maps)
    Long Island IT company wants to build ice rink for employees
    Long Island IT company wants to build ice rink for employees
    NJ construction official accused of siphoning funds from developers’ account
    NJ construction official accused of siphoning funds from developers’ account
    NJ construction official accused of siphoning funds from developers’ account
    Fiserv CEO Frank Bisignano (Getty, Wikimedia)
    Fiserv planning to open Berkeley Heights office
    Fiserv planning to open Berkeley Heights office
    614 Hudson Street in Hoboken, NJ (Redfin)
    18th century townhouse in Hoboken listed for $7M
    18th century townhouse in Hoboken listed for $7M
    The Kalikow Group President & CEO Edward Kalikow with the complex (Kalikow, Kaled)
    In hot rental market, LI developer sells another South Carolina complex
    In hot rental market, LI developer sells another South Carolina complex
    The Centre at Purchase at 1, 2, 3, 4 Manhattanville Road with George Comfort & Sons CEO Peter Duncan (George Comfort & Sons)
    Westchester office park owned by George Comfort & Sons slated for auction
    Westchester office park owned by George Comfort & Sons slated for auction
    Trump Plaza New Rochelle at 175 Huguenot Street and Donald Trump (Getty, Anthony22/Wikimedia)
    Trump Plaza New Rochelle dumps Trump Org as property manager
    Trump Plaza New Rochelle dumps Trump Org as property manager
    (Getty Images)
    Hurricane Ida damage could disrupt thousands of mortgage deals in NY, NJ
    Hurricane Ida damage could disrupt thousands of mortgage deals in NY, NJ
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...