One of the tallest buildings in Trenton has officially changed hands and plans are already underway to repurpose the structure into a multi-family housing complex.
Fennelly Associates, a commercial brokerage based out of Hamilton, has announced the sale of 240 West State Street. The 240,000-square-foot office building sits along one of the main streets of Trenton near prominent institutions like the New Jersey State Museum and Thomas Edison State University.
Garden State Commercial Properties unloaded the building to an undisclosed buyer, who plans to redevelop the 16-story property into an apartment building planned for completion in 2026.
The property is just under two miles from the Trenton Transit Center and was originally constructed as a hotel in 1969, with its most recent use as an office building. Aiming to build upon the continued demand for new housing in downtown Trenton, Fennelly Associates worked to attract a buyer interested in the adaptive reuse of the property.
“For decades, we have harnessed our expertise and creativity to bring investments and businesses into Trenton,” said Fennelly Associates President Jerry Fennelly when announcing the deal. “We were honored to bring the sale of 240 West State Street across the finish line, and we are excited to watch its transformation into a point of pride for the local community.”
The new owners of 240 West State Street plan to include a mix of studio, one and two-bedroom apartments paired with a robust amenity package including perks like a fitness center, pool, and ground floor cafe. In addition, the company will renovate the building’s enclosed parking garage.