Rubenstein Partners Closes Sale of Princeton South Corporate Center
30,000 Square-Foot Lease to Philadelphia Insurance Company Also Announced
PRINCETON, N.J., March 30, 2015 /PRNewswire/ -- Affiliates of Rubenstein Partners, L.P. (such affiliates together, "Rubenstein"), have announced the sale of Princeton South Corporate Center, a 268,000 square-foot, two-building Class "A" office park in located in Ewing Township, NJ. Terms of the deal were not disclosed.
Rubenstein Partners acquired the property, which is comprised of both 100 Princeton South and 200 Princeton South in July, 2011 and the company has spent the last three years focused on increasing tenancy and enhancing the property. Tom Walsh and Joe Garibaldi of Jones Lang LaSalle represented Rubenstein Partners on the sale.
In addition to the sale of the asset, the property is also welcoming a new tenant, as Philadelphia Insurance Company recently leased 30,000 square feet at 100 Princeton South, occupying the entire 4th floor of the building. Philadelphia Insurance Company designs, markets, and underwrites commercial property/casualty and professional liability insurance products.
Rubenstein Partners, L.P., based in Philadelphia, is a vertically integrated real estate investment manager specializing in value-added office property opportunities in the Eastern half of the United States.
"As an investor, our main focus is to acquire prominent office assets in robust local markets, and then apply our vertically integrated platform to maximize their true value," said Stephen Card, Regional Director for the Mid-Atlantic region for Rubenstein Partners. "The Princeton South Corporate Center fit the bill for our investment criteria when we first acquired it. When the asset exceeded our original investment goals, Rubenstein Partners felt the time was right to explore potential sale opportunities. We're happy to announce this disposition, which completes our overall investment strategy."
"The property's amenities and great location has made Princeton South an attractive option for regional businesses. The recent addition of Philadelphia Insurance Company is a testament to the value of this asset," added Craig Zolot, Director of Asset Management for Rubenstein Partners.
Just off Route I-95, within minutes of downtown Princeton and one hour from Philadelphia, Princeton South Corporate Center is a prominent office park recognized for its superior visibility with roughly 110,000 cars per weekday and convenience, with frontage on Interstate 95 and easy access off Route 31. It's within close proximity to dozens of restaurants, hotels, Trenton Mercer Airport, and mass transit and many other amenities along the busy I-95 corridor.
About Rubenstein Partners
Rubenstein Partners, L.P., founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing value-added office real estate investments, primarily in the Eastern United States. Rubenstein Partners' predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 10,000,000 sq. ft. of office real estate assets throughout the Eastern United States. For more information, visit www.rubensteinpartners.com.
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SOURCE Rubenstein Partners, L.P.
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