Essential Properties Realty Trust signed a long-term relocation lease for 19,601 square feet at 5 Vaughn Drive in Princeton, according to an announcement from JLL.
Owned by American Equity Partners, the deal continues leasing momentum at the three-story 98,500-square-foot, Class A office property 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,” David Elkouby, managing partner, American Equity Partners said. “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.”
The property 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.
Since acquiring the property in 2020, American Equity Partners has invested in renovation and amenity upgrades that include:
- Peloton spin studio
- grab-and-go vending
- tenant lounge
- shared conference rooms
- landscaped grounds
- outdoor exercise facility
- walking paths
Located directly next to the Princeton Junction train station, the property boasts favorable accessibility. It lies 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, served 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.
“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,” DiMeglio said.
