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Billtrust Leases 90,000 Square Feet at Princeton Pike Corporate Center
Commitment Reflects Vision Real Estate Partners' Multi-Million-Dollar Revitalization of Class A Office Campus in Lawrenceville
VREP was represented by Steve Tolkach, executive managing director with Newmark Knight Frank. Bradford Fenlon, executive managing director with Colliers International, represented Billtrust.
"Our site search for Billtrust involved more than 80 properties in a 30-mile radius," Fenlon said. "We looked at existing office buildings, build-to-suit opportunities, raw land and adaptive reuse sites. Ultimately, 1009 Lenox Drive was the clear top choice. This property offered signage on I-95 and expansion potential to nearly double Billtrust's square footage moving forward. Additionally, the amenity package at Princeton Pike is unsurpassed by any of its regional competitors, providing Billtrust with the ability to offer its employees an environment that promotes work/life balance."
Billtrust, a payment cycle management software company founded in 2001, will establish its new 88,759-square-
"Billtrust is a forward-thinking company focused on its employees, and they recognized the value and quality of this location," said Sam Morreale, VREP's founder and managing partner. "We embraced their corporate culture and integrated it with cutting-edge real estate design, providing a functional space that will support their efforts to develop a diverse workforce."
Headquartered in Mountain Lakes, New Jersey, VREP has deep roots and experience in the New Jersey/New York regional marketplace. The firm provides asset management and operational support for Princeton Pike, which boasts a roster of high-profile tenants including Sirius XM Radio, Morgan Stanley, Wells Fargo Advisors, Stark & Stark, Princeton Healthcare Services, Fox Rothschild LLP and MetLife Solutions Group.
Numerous capital improvements to the landmark corporate property include newly renovated lobbies and common areas, outdoor seating, substantially upgraded landscaping and rebranded signage and wayfinding throughout the park. A network of pedestrian walkways provides connectivity to the Lawrence-Hopewell Trail, and a dedicated recreation area features a professional volleyball court with electronic scoreboard, a frisbee golf course, putting green and bocce court. An onsite Hilton Garden Inn and restaurant is currently under development.
Upgrades to the building at 1009 Lenox Drive include a recently completed atrium with a waterfall feature and enhanced lifestyle amenities including a renovated café and extended-hours coffee bar. Multiple seating areas, which provide space for work or social gatherings, are adjacent to fitness and conference facilities. In conjunction with the Billtrust lease, VREP will be expanding the recreation area to include a basketball court.
"Millennials and the mature workforce are gravitating towards dynamic workplaces,"
Morreale added, "We are no longer in the office space business. We're creating bright, accessible, sustainable workplaces where inside and outside spaces blend seamlessly into a single environment."
Princeton Pike is strategically located just minutes from downtown Princeton and equidistant from both Manhattan and Philadelphia. With proximity to the active I-95 corridor, it attracts local and regional tenants that benefit from the commutability to Southeastern Pennsylvania. A deep, well-educated labor pool rounds out the Princeton submarket's appeal.
"It is critical for us to be in the Central NJ / Philadelphia corridor, and this property along with the incentives from the state, made it an easy decision to stay in Mercer County," said Ed Jordan, CFO at Billtrust. "Our new location and building has everything we need to attract new employees from a deep talent pool while giving our current employees exciting new amenities."
Vision Real Estate Partners is a full-service regional real estate owner/operator, with a track record of identifying properties with great potential and transforming them into superior assets. The firm is currently developing or redeveloping more than 2 million square feet of space in its local market and has over 100 acres of land parcels available for mixed-use and build-to-suit opportunities. Its Vision Management platform also oversees property management, financial reporting and overall operational supervision for nearly 1.5 million square feet of office space on behalf of multiple strategic partners.
About Vision Real Estate Partners (http://www.caryl.com/
Billtrust accelerates cash flow by automating invoice delivery, invoice payment and cash application. Companies can improve operational efficiency throughout the invoice-to- cash process with electronic invoicing and payments in a flexible, cloud-based solution. Finance executives and A/R specialists love and recommend Quantum, Billtrust's payment cycle management solution, for the remarkable cost savings, ease-of- use, and improved customer satisfaction rates.
Evelyn Weiss Francisco
Page Updated Last on: Nov 13, 2017