JLL arranges acquisition financing for University Square in Princeton, NJ
Trophy office building positioned in highly desirable Princeton submarket
MORRISTOWN, N.J., July 24, 2019 – JLL announces that it has arranged acquisition financing for University Square, a five-story, trophy office building totaling nearly 330,000 square feet in Princeton, New Jersey.
JLL worked on behalf of the borrower, Argent Ventures, to place the acquisition loan with Morgan Stanley. Additionally, JLL will service the securitized loan.
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 borrower was led by senior managing director Greg Nalbandian and analyst Andrew Zilenziger.
“University Square is widely recognized as the best office building in the very desirable Princeton submarket, said Nalbandian. “The building is occupied by three investment grade tenants headlined by BlackRock (S&P rated; AA-) who just executed a 10-year renewal and occupies 64% of the GLA. Based upon these factors, there was considerable competition to place this loan. Morgan Stanley delivered a very competitive deal.”
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.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Argent Ventures is a vertically integrated, diversified real estate investment and development firm specializing in opportunistic and value add transactions throughout the United States. Founded in 1997 and headquartered in New York City, the firm pursues debt- and equity-related investments in any asset class. Since its inception, Argent has purchased more than $2.5 billion in real estate assets and debt instruments in major markets in the United States and Europe.