Lawrenceville building sold for $20m.

The CB Richard Ellis New York tri-state investment team, led by Jeffrey R. Dunne, recently represented The Praedium Group in the sale of Princeton Pike Corporate Center I, a 112,055 s/f office building in Lawrenceville, N.J. for $20 million or $178.48 per s/f.

Mr. Dunne collaborated with Lynn DeMarco to represent the seller, Princeton Pike Associates, LLC, an entity controlled by The Praedium Group, in the transaction. The CB Richard Ellis team was also responsible for procuring the buyer, Brandywine Realty Trust.

Princeton Pike Corporate Center I is located within the class A Princeton Pike Corporate Center, which has the lowest vacancy amongst its competition in other office parks, and enjoys 816 s/f of frontage along the northern side of Interstate 95/295. The property has a high quality, diversified rent roll with major tenants including Interlink Healthcare Communications, iXP Corporation, New Jersey-American Water Company, CBIZ Valuation Counselors Group Inc., Sirius Satellite Radio Company and Wachovia Corporation.

Jeff Dunne had the following comments on the sale, "Brandywine has made a logical acquisition, giving them complete control of a prime office park and a building with a secure income stream."