Dr. Reddy’s Laboratories And State Street Bank Sign Leases At Princeton Point, NJ
600 College Road East Princeton, NJ 08540, USA
Building Size
116,000 SF
Asset Type
Office
Closing
Sep 6, 2023
AI
The property in question is an office space located at 600 College Road East in Princeton. It spans approximately 116,000 square feet and is owned by Jose Minaya of Nuveen Real Estate.
Summary of transation details
- Property Type: Office
- Transaction Amount: Not specified
- Address: 600 College Road East
- Market: Princeton
- Tenant: Erez Israeli - Dr. Reddy’s Laboratories & State Street Bank
- Landlord: Jose Minaya - Nuveen Real Estate
- Landlord's Representative: Kevin Carton & Todd Elfand of Cushman & Wakefield
- Tenant's Representative: Shawn Straka of Cushman & Wakefield
Cushman & Wakefield played a pivotal role in facilitating two leases at Princeton Point in New Jersey. One lease was signed by Dr. Reddy’s Laboratories for approximately 53,000 square feet, while State Street Bank renewed their existing lease for approximately 63,000 square feet. The landlord, Nuveen Real Estate, was represented by Kevin Carton and Todd Elfand of Cushman & Wakefield. Shawn Straka, also of Cushman & Wakefield, handled the tenant representation.
Players
Princeton Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93