Gilbane Development Sells Princeton Office Building

Crossroads Corporate Center. Image courtesy of JLL

Gilbane Development Co. has sold a 100,925-square-foot office building in Lawrenceville, N.J., to a joint venture led by Simone Realty Inc. Crossroads Corporate Center previously changed hands in 2002, when Leggat McCall Properties sold it for $11.6 million, CommercialEdge data shows. JLL brokered the deal on behalf of the seller.

Part of the Princeton submarket, the three-story property’s tenant roster includes companies such as United Way of Greater Mercer County, Pro Direct and Davinci Meeting Rooms, among others, according to CommercialEdge.

Located at 3150 Brunswick Pike, the building includes two passenger elevators, floorplates ranging between 32,607 and 34,129 square feet, as well as 510 parking spots. Built in 1991, the property went through several improvements in the past years, and features a two-story common-area lobby and outdoor balconies.

Situated on a 50-acre lot, the asset is close to U.S. Highway 1 and Interstate 295. The property is near the 1 million-square-foot Quakerbridge Mall, 6 miles from downtown Princeton, N.J. and within 42 miles of Newark Liberty International Airport.

JLL’s team included Managing Director Thomas Romano and Senior Managing Directors Jeremy Neuer, Jose Cruz and Kevin O’Hearn, along with Directors J.B. Bruno and Jason Lundy.

In late 2022, the brokerage facilitated the sale of a 400,000-square-foot trophy office asset in Parsippany, N.J. Signature Acquisitions picked up the LEED Silver-certified building. Earlier this month, Signature purchased another Northern New Jersey office asset in Warren, N.J. The property is part of Independence Boulevard, a five-building, 650,000-square-foot office campus.