The Birch Group has acquired a two-building office portfolio totaling 200,000 Sq Ft. in Princeton, New Jersey, as the company says it’s moving forward with its suburban office expansion.
The investment firm paid $47.3 million for a pair of three-story buildings at 600 and 700 Alexander Park Drive, it declared. The seller was BentallGreenOak.
Natixis gave the $37.8 million acquisition loan.
The 141,000 Sq Ft. building at 600 Alexander is fully obtained by Mathematica, a national policy research firm. And the 72,000 Sq Ft building at 700 Alexander is 70% leased to multiple tenants, including Robert Half International, a publicly-traded recruiting company.
The region’s office market is facing low occupancy as is much of the tri-state area and continued uncertainty as the pandemic-driven work-from-home landscape persists.
Led by CEO and founder Mark Meisner, Nanuet, New York-based Birch has acquired nearly $800 million worth of office properties since 2019.