Jones Lang LaSalle


$10M Takes 57,000-SF Office Building
By Eric Peterson
Last updated: April 7, 2006 11:22am

DAYTON, NJ-Corporate Office Properties Trust has sold 68 Culver Rd., a 57,000-sf office building located within the Princeton Technology Center, for $9.7 million, or $170 per sf. The Columbia, MD-based COPT continues to own the remaining three buildings, totaling 342,000 sf, that make up the Princeton Technology Center.

"This sale represents the continuation of our strategy to dispose of assets located outside of core markets and provides the opportunity to recycle capital into acquisitions and development in our higher growth markets," says Randall M. Griffin, COPT’s president/CEO. "We’ve sold $27 million in properties year-to-date versus our stated annual goal of $100 million." The identity of the buyer was not disclosed.

Built in 1967, 68 Culver Rd. was acquired by COPT in 2000. Formerly occupied by soap manufacturer Miranol Inc., the property was remediated as a superfund site and subsequently converted to offices. The location was occupied, for a time, by AT&T.