Interpool, Inc., which does business as TRAC Intermodal, has entered into a lease agreement with landlord ML7 College Road, LLC for 82,283 square feet of space in the office building located at 750 College Road East in Princeton, NJ.
Entering into the lease allows TRAC Intermodal, an intermodal equipment provider and chassis pool manager serving domestic and international shippers, to consolidate its headquarters from two locations into one.
Under the agreement, TRAC will rent the premises for a term of ten years and nine months at an aggregate rent over the term of approximately $23.0 million. It expects to move into the premises during the first quarter of 2015.
Located within Forrestal Center, 750 College Road East is a three story, 110,000 square foot office building owned by Aegis Property Group, according to cpnrealestate.com, which is the source for the photo found on this page.
In connection with the lease, TRAC Intermodal has received a commitment letter from the New Jersey Economic Development Authority confirming the award of a “Grow NJ Tax Credit” for up to $9.8 million in tax credits granted over a ten (10) year period and subject to, among other things, the company meeting certain minimum capital spending requirements and retaining and adding new jobs in New Jersey.
The company has agreed to sell the building that currently serves as its corporate headquarters at 211 College Road East in Princeton, NJ for $2.3 million.
The sale is expected to close within approximately thirty (30) days of the date the company moves into its new premises. In order to consolidate its corporate headquarters, the company intends to exit office space that it currently leases in an office building located near the 211 Property.