JLL closes sale of University Square in Princeton, New Jersey
Trophy office building positioned equidistant between Philadelphia and New York City
MORRISTOWN, N.J., July 19, 2019 – JLL announces that it has closed the sale of University Square, a five-story, trophy office building totaling nearly 330,000 square feet in Princeton, New Jersey. 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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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.
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.
About RXR Realty
RXR Realty LLC (“RXR”) is a New York-based, nearly 500-person, vertically integrated private real estate company with expertise in a wide array of value creation activities, including ground up real estate development, uncovering value in underperforming properties, repurposing well-located iconic properties, incorporating cutting edge real estate technologies and value added lending. RXR’s primary investment strategy is focused on New York City and the surrounding region. The RXR platform manages 68 commercial real estate properties and investments with an aggregate gross asset value of approximately $18.8 billion, comprising approximately 30.4 million square feet of commercial properties, inclusive of approximately 6.0 million square feet of buildings securing debt and preferred equity investments, a multi-family residential portfolio of approximately 2,600 units under operation or development, and control of development rights for an additional approximately 3,700 multi-family and for sale units in the New York Metropolitan area as of March 31, 2019. Gross asset value is compiled by RXR in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage. For more information about RXR, visit rxrrealty.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.