JLL announced Friday it has closed on the sale of University Square, a five-story, 300,000-square-foot office building in Princeton.
The sale also includes an adjacent one-story, 33,600-square-foot building at 115 Campus Drive, JLL said.
Jose Cruz, Andrew Scandalios and Kevin O’Hearn, senior managing directors at JLL; Stephen Simonelli and Michael Oliver, senior directors; and J.B. Bruno, associate; represented the sellers, RXR Realty and the Blackstone Group, and procured the buyer, New York City-based Argent Ventures.
University Square offers amenities including a two-story atrium lobby, gourmet cafeteria, large media/conference room, fitness center, and more.
Located on 18.5 acres, the property is within close access to Route 1 and downtown Princeton, as well as the Princeton Junction train station.
“The quality of University Square along with its location and tenant line up brought investors from all over the country,” Cruz said. “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.”
Financial terms were not disclosed.
However, JLL did announce it had arranged acquisition financing for the deal with Morgan Stanley on behalf of Argent Ventures. The JLL Capital Markets team was led by Greg Nalbandian, senior managing director, and Andrew Zilenziger, analyst.