American Equity Partners nears full occupancy at Princeton’s most commuter-friendly office building

PRINCETON, N.J., May 7, 2025 – JLL announced today it has arranged a new lease for Essential Properties Realty Trust at 5 Vaughn Dr. in Princeton, New Jersey, bringing the 98,500-square-foot, Class A office property owned by American Equity Partners close to full occupancy.

Essential Properties, a publicly traded real estate management firm, signed a long-term lease for 19,601 square feet, nearly doubling its footprint in a relocation from 902 Carnegie Center Blvd. in Princeton.

The deal continues leasing momentum at 5 Vaughn Dr., a modern, three-story commercial building with glass atrium where JLL has completed over 50,000 square feet of transactions with new and expanding tenants since 2023, bringing the property to 98.5% occupancy.

“We are thrilled to welcome another new tenant to 5 Vaughn Dr. where an extensive amenity package has further enhanced the property’s appeal,” said David Elkouby, managing partner, American Equity Partners. “It has been rewarding to work with JLL as we have repositioned the property, and we look forward to announcing full occupancy in the very near future.”

Since acquiring the property in 2020, American Equity Partners has invested in renovation and amenity upgrades that include a new Peloton spin studio, grab-and-go vending, tenant lounge, and shared conference rooms. Situated within its own landscaped grounds, the property also features an outdoor exercise facility, walking paths and seating overlooking a picturesque pond.

Located directly next to the Princeton Junction train station, the accessibility of 5 Vaughn Dr. is among its most coveted amenities. Equidistant from NYC and Philadelphia, the location features rail service along the Boston-New York-Washington corridor, providing easy access to PATH train connections throughout New Jersey and to Penn Station in Manhattan.

A JLL team led by Senior Vice Presidents Vinny DiMeglio and Jason Benson, and Managing Director Thomas Romano, serves as exclusive agent for 5 Vaughn Dr. and represented ownership in the lease with Essential Properties. The tenant was represented by Sab Russo of Princeton Property Partners.

Said DiMeglio, “5 Vaughn Dr. is without question the most commuter-friendly office location in the submarket. With its well-capitalized ownership committed to maintaining an appealing modern environment for tenants, the property presents the unique advantage of being surrounded by top-tier talent and leading educational institutions, all while providing employees with an easily accessible, commuter-friendly location at the heart of the Northeast corridor.”

5 Vaughn Dr. is occupied by a roster of leading tenants including pharmaceutical and biotech giant Moderna and national engineering group Wiss, Janey, Elstner. Most recently, JLL arranged a new lease for New York-based Loring Engineers, and a lease for the first US office of RiboX Therapeutics, a Shanghai based biotech company. In January 2025, the New Jersey Educational Facilities Authority relocated from College Road East to a new, modern office space at 5 Vaughn Dr. 

JLL is a leader in the New York tri-state commercial real estate market, with more than 4,800 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.

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American Equity Partners is a fully integrated, self-funded commercial real estate firm located on the East Coast. It specializes in purchasing properties and turning them into thriving Class A office buildings and industrial spaces. The team is a cooperative of diligent, dedicated professionals who value integrity, trust and excellence above all. AEP is comprised of two principal divisions that share the same vision: providing stellar service with unparalleled expertise. American Equity Partners, our acquisitions division, focuses on the purchase of well-located assets to enhance property performance and value. Our management division, Broad Management, maintains the properties and provides tenant services. Our tenant experience is unmatched, with exclusive amenities and concierge-style services ensuring every need and want is met.