Home > Media Center > Press Releases Detail

Press Releases

SHARE:

NKF Sells $19.5M ($171 PSF) Office Building in Princeton, NJ

Rutherford, NJ (07/31/2019)

2:00 PM

Global commercial real estate advisory firm Newmark Knight Frank (NKF) is pleased to announce the sale of 1 Independence Way in Princeton, New Jersey ("1 Independence"), on behalf of Normandy Real Estate Partners.

Representing Normandy Real Estate Partners were Kevin Welsh, Brian Schulz and Chuck Kohaut of NKF's Capital Markets team, with support from leasing broker Steve Tolkach, who specializes in the Princeton, NJ market. The NKF team was also responsible for securing the Buyer, Guardian Realty, who assumed the existing CMBS mortgage.

1 Independence is a 113,998-square-foot, Class A office building that is 100% leased to two investment-grade tenants: S&P Global (Moody's A3), a global financial information company; and Trimble MAPS (formerly ALK Technologies, rated Moody's Baa3), a leading provider of navigation software. These tenants offer stable long-term cash flow with 7.6± years of weighted average lease term.

With a generational investment in the building's infrastructure highlighted by $16.1MM in recent capital improvements (including $11.0+MM invested by the tenants), the Property offers a highly-amenitized modern work environment with limited near-term capital exposure. The Property's visible Route 1 location also provides exceptional access to a skilled labor force and an expanding mixed-use environment.

"Normandy Real Estate Partners was able to create substantial value by repositioning 1 Independence, driven by major capital enhancements and the execution of two long-term investment-grade leases," said Welsh, executive managing director at NKF. "Guardian Realty is well positioned to benefit from a durable cash flow stream and continued value appreciation, with in-place rents that are ±15% below market in Princeton's transforming ‘live/work/play' environment."

About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group's Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.

For Media Inquiries Contact:
Deb Bergman
Vice President PR and Communications
Newmark Knight Frank
T 303.260.4307