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Cassidy Turley Negotiates Sale of 63,000 sq. ft. medical office buildings in Princeton

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Commercial real estate services provider Cassidy Turley, announced April 9 that it has negotiated the sale of 277 and 281 Witherspoon St. in Princeton.

According to the announcement, the sale was negotiated on behalf of Princeton HealthCare System to Herring Properties. Milton Charbonneau, senior vice president of Cassidy Turley brokered the transaction.  Financial terms were not disclosed.

The 63,000-square-foot medical buildings were formerly Princeton HealthCare’s hospital campus.  The company moved from the site and constructed a new hospital in Plainsboro called University medical Center of Princeton at Plainsboro.

Herring Properties plans to renovate the buildings as Class A office space for both commercial offices and retail. When completed, according to the announcement, the medical buildings will be “the largest contiguous Class A office space available for lease in the Princeton submarket.”

“There is tremendous potential for renovating these two buildings so close to the heart of Princeton and enhancing the stretch of Witherspoon that was predominately hospital and medical offices. The Mid-Witherspoon Street corridor is experiencing an increase in investor activity with exciting new projects hoping to attract new businesses to the area as well as enhancing access and walkability to downtown Princeton,” said Charbonneau.  “The Princeton market has so many unique amenities that are desirable for businesses, whether a company is interested in all that the university town has to offer, upscale restaurants and shopping as well as proximity to public transportation and major highways.”

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