Class A Princeton-area Project is Fully Entitled and Shovel-ready
WEST WINDSOR, N.J., July 10, 2015 – New office construction is rare in the current commercial real estate market, and mid-size build-to-suit opportunities are even rarer still. However, an office building ready for construction in West Windsor will provide just that in the Princeton submarket – the opportunity for a modest-sized company to design its own space and the building around it, precisely to meet current and future office requirements.
The 38,000-square-foot build-to-suit opportunity is located at 19 Roszel Road in West Windsor – a joint venture of Mountain Development Corp. (MDC) and Gottesman Real Estate Partners. It is situated in the heart of the Route 1 corridor adjacent to Carnegie Center, and is part of the two-building Roszel Square development. The project has the advantage of proximity to New Jersey Transit at Princeton Junction, along with the many restaurants and amenities of Market Fair and nearby power retail centers.
“The site is fully entitled, and shovel-ready,” said Michael Allen Seeve, president of the Woodland Park, N.J.-based MDC. “This allows us to deliver the space on time and on budget, as we did with the first building.”
Milt Charbonneau of DTZ is leading the marketing effort for the venture. Charbonneau noted that the building could be named for a tenant of 20,000 square feet, which is highly unusual.
The developers completed the initial 21 Roszel Road, a 62,500-square-foot, three-story building, led by a build-to-suit lease with Hill Wallack, LLP earlier this year. The law firm occupies 48,000 square feet, and Ripen eCommerce subsequently leased 9,200 square feet, leaving just one 4,000-square-foot first-floor space availability.
“Hill Wallack was a candidate for renewal at its previous location, but we were able to structure a long-term transaction for a new building at comparable pricing,” said Seeve. “The Princeton/West Windsor market is one of the few in New Jersey that offers tenants the opportunity to move into brand-new, build-to-suit space for exactly what they would pay for older, less-contemporary offices.”
Mid-size build-to-suit is one-of-a-kind among global neighbors
The 19 Roszel Road build-to-suit opportunity is situated in an area with many established global companies as neighbors. “Our project is on a much more human scale, allowing a mid-size company the opportunity to design and create its own space and enjoy the branding that comes with it in a very prestigious location.”
Similar to Hill Wallack at 21 Roszel Road, prospective lead tenants for the new building will be able to play a major role in planning the interior design of their office space. Working closely with the development team and the architectural firm Gensler, “Hill Wallack created an exceptional environment for its clients and staff,” said Charbonneau. “They participated very actively in the design and development of the building, so everything – from the lobby finishes, to the ceiling height, to color of the exterior brick, to tree selection in the plaza, to the most minute details of the security system… everything was designed to meet their needs at a base rental price competitive with older buildings in the area.”
“Trends in office building design have advanced so far in the past 10 years,” Seeve added. For example, the building’s ceiling heights, column-free spaces and window line create a platform for design, which older buildings simply can’t match. The three-story brick exterior will feature a continuous window line and window space mirroring the initial building. “It is a classic design that pays homage to the adjacent Carnegie Center projects but with an emphasis on light and air,” he said.
To begin construction, MDC is seeking a lead tenant of “not less than 20,000 square feet,” with building signage a key amenity. “When you drive on Roszel Road, you see the Hill Wallack name, along with the corporate logos of some of the finest companies in the country, prominently displayed,” he said. “This is a very exciting address and a chance for real identity and place making.”
The venture has already received feedback on the availability, according to Charbonneau. “We expect to be moving forward on this project in the very near future.”
Mountain Development Corp. (MDC) is a full-service real estate company with over 30 years of experience developing, acquiring, constructing, repositioning, managing, leasing and operating commercial property. MDC is an active acquirer of a broad range of opportunistic and value-added real estate investments capable of generating attractive, risk-adjusted returns for both its principals and equity partners. Active throughout the Northeast, MDC’s accomplished staff includes in-house development, accounting, property management, construction, leasing and marketing professionals, enabling the company to operate autonomously and deliver expeditious, successful results.
Gottesman Real Estate Partners, based in Livingston, N.J., focuses on commercial properties, particularly office buildings, in and around New York City. The family-owned enterprise controls assets in Secaucus, Princeton, Clifton and Sea Girt, N.J., among other locales. Gottesman Real Estate’s long-term strategy allows the firm to properly manage its portfolio with both its tenants and partners in mind.