JLL has closed the sale of University Square, a five-story, trophy office building totaling nearly 330,000 square feet in Princeton. The sale also included the adjacent one-story, 33,600 square foot 115 Campus Drive.
JLL represented the seller, RXR Realty and The Blackstone Group, and procured the buyer, NYC-based Argent Ventures.
Completed in 2008, University Square is a state-of-the-art office building featuring a two-story cherry and granite atrium lobby, gourmet cafeteria, large media/conference room and fitness center with locker rooms. Tenants at the 85%-leased property include BlackRock, Axis Reinsurance and Mercer. Located on 18.5 acres at 1 University Square Drive, the property is positioned equidistant between Philadelphia and New York City along Princeton’s Route 1 Corridor. This location is conveniently located less than two miles from downtown Princeton as well as the Princeton Junction train station with AMTRACK/NJ Transit/Conrail serving the Northeast corridor from Washington, D.C. to Boston.
The JLL Capital Markets team representing the seller included senior managing directors Jose Cruz, Andrew Scandalios and Kevin O’Hearn and senior directors Stephen Simonelli and Michael Oliver and associate J.B. Bruno.
“The quality of University Square along with its location and tenant line up brought investors from all over the country,” Cruz stated. “We are seeing many more buyers for suburban office product these days as attractive current going in yields and upside in the leasing continue to drive interest.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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