Princeton still very strong.

The lion's share of new office space that is being built in Princeton, New Jersey, particularly at College Park at Princeton Forrestal Center, is being leased by area firms that have kept occupancy at better that 99 percent.

"As soon as space does become available it is spoken for by a tenant firm looking to expand. We have had very little space available for several years. Many of our tenants have expanded in the same building or moved within the park for larger quarters. And about 97 percent of our tenants renew their leases," said Vincent Marano, COO of National Business Parks, managers of College Park.

Marano noted that in addition to the Princeton address, College Park offers tenants a sophisticated workplace, well-managed buildings and an 85-acre campus. "We have undertaken major building remodeling and have installed state-of-the-art technology for the comfort and convenience of our tenants. The other amenities of College Park, such as on-site dining, biking trails and athletic fields, are among the reasons that tenants renew their leases at College Park," said Marano.

Recent leases include Orchid Biocomputer's lease of an additional 10,000 square feet of space at 307 College Road East, for which J. Douglas Petrozzini of Grubb & Ellis was tenant representative; McKesson HBOC lease of 9,000 square feet at 101 College Road East in a long-term transaction, in which Steve Marusky of Weidel Commercial Realty represented the tenant; and a lease of 3,400 square feet by SNPE N.A. at 101 College Road East. All transactions were negotiated by Marano and Ton Stange on behalf of College Park.

National Business Parks has just begun a leasing program for 400 College Road East, a 72,000 square-foot building that will become available later this year when Merrill Lynch, its sole occupant, relocates to another facility.

National Business Parks has also announced plans for the development of an extension of College Park, an office/R&D center to be known as Princeton Business Park. The new complex, which is being developed on a build-to-suit basis, will total 350,000 square feet and encompass three low-rise buildings designed as research and development facilities and two four-story office buildings.

College Park is owned by College Road Associates, a joint venture of Lawrence Zirinsky Associates and Pocantico Associates. National Business Parks is the managing agent for College Road Associates, L.P.