Nuveen Lands 53 KSF Office Tenant in Princeton

Princeton Point comprises two office buildings totaling 440,000 square feet. Image courtesy of CommercialEdge

Nuveen Real Estate has signed Dr. Reddy’s Laboratories as a tenant at Princeton Point, a two-building, 440,000-square-foot office campus in Princeton, N.J. The firm leased 53,000 square feet at 600 College Road E. in a deal arranged by Cushman & Wakefield.

The agreement marks a relocation and downsize for Dr. Reddy’s North America headquarters. The firm had committed to 75,500 square feet at 107 College Road E. in 2013, under a lease that would have expired next year, according to CommercialEdge information.

Princeton Point is part of Princeton University’s 2,000-acre master-planned business and research campus. Nuveen acquired the asset in 2016 from Equus Capital Partners, the same source shows, and renovated it in 2021.

Completed in 1983, the building at 600 College Road E. rises four stories and spans 242,357 square feet, featuring 60,000-square-foot floorplates. Other tenants at the property include Hamilton & Co. and State Street Bank, which recently renewed its 63,000-square-foot lease.

Cushman & Wakefield brokered the transaction on behalf of both parties. Executive Managing Directors Kevin Carton and Todd Elfand represented the landlord, while Executive Director Shawn Starka negotiated on behalf of the tenant.

Central New Jersey’s office market

Princeton Point is east of Highway 1, roughly 48 miles from both New York City and Philadelphia. In prepared remarks, Starka mentioned that proximity to the two metros, as well as access to a highly educated workforce, are factors that drive activity for life science tenants in the Princeton market.

The vacancy rate for office properties in New Jersey stood at 17 percent in July, just slightly below the national figure of 17.1 percent, according to a recent CommercialEdge report. Asking prices in the state averaged $34.31 per square foot, in the ballpark of markets such as Atlanta, Denver and Houston, the same source shows.