Mack Cali has closed on the disposition of a Class A office property in Princeton, NJ along Route 1 to Boston Properties. The asset, located at 103 Carnegie Center Drive in Princeton N.J., was purchased for $15.8 million or just under $165 per sqf. The three story office building boasts 96,000 square feet and is part of the 560 acre master planned Carnegie Center. Cushman & Wakefield’s Metropolitan Area Capital Markets Group orchestrated the sale of the property.
“This sale generated a substantial amount of bidding, which is a testament to the prestige of the Princeton office market,” said Andrew Merin, who lead the Cushman & Wakefield team of David Bernhaut, Gary Gabriel and Brian Whitmer. “With 83 percent of the building leased to 31 tenants, 103 Carnegie Center Drive provides an opportunity for small companies to lease space and gain access to the large corporations that dominate the Princeton market.”
