The deal for the nearly 330,000-square-foot five-story office building at 1 University Square Drive was reported by brokerage firm JLL, which represented the seller and procured the buyer. The transaction also included 115 Campus Drive, an adjacent one-story 33,600-square-foot building.
No financial terms of the transaction were disclosed.
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.
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University Square, which was completed in 2008, is currently 85% leased. The building features a two-story cherry and granite atrium lobby, gourmet cafeteria, large media/conference room and fitness center with locker rooms.
“The quality of University Square along with its location and tenant line up brought investors from all over the country,” JLL’s Cruz states.
JLL also worked on behalf of Argent Ventures, to place the acquisition loan with Morgan Stanley. Additionally, JLL will service the securitized loan. The JLL Capital Markets team representing the borrower was led by senior managing director Greg Nalbandian and analyst Andrew Zilenziger.
Some of the major tenants at the property include BlackRock, Axis Reinsurance and Mercer. Located on 18.5 acres, the property is positioned equidistant between Philadelphia and New York City along Princeton’s Route 1 Corridor. The property is located less than two miles from Downtown Princeton as well as the Princeton Junction train station with AMTRAK/NJ Transit/Conrail serving the Northeast corridor from Washington, DC to Boston.