RexCorp Completes 313,000-SF Office

WEST WINDSOR, NJ-Rexcorp Realty has wrapped up construction on University Square, a 313,000-sf class A office building off Route One in the Princeton area real estate market. The cost of the new building has not been released; the Uniondale, NY-based Rexcorp has its New Jersey office in Short Hills.

Built on spec, the just-completed building is vacant and looking for tenants. Site work began in Q3 of 2005, and steel began to rise on early 2006.

“We are confident that with the building now ready for tenant occupancy, the strong level of interest we have seen throughout the past year will translate into a rapid and successful leasing campaign,” says Todd Rechler, president of Rexcorp’s New Jersey division, and of affiliate Rexcorp Construction and Development LLC. “I think it sets a new standard of excellence in the market.”

And Rexcorp has hired GVA Williams New Jersey, Parsippany, to find tenants for the building. For that firm, president David Simson is heading the assignment.

“It incorporates the advanced business requirements that today’s Fortune 500 companies want and have come to expect,” Simson says. “I don’t think there’s another new building in the Princeton market that rivals the detail.”

University Square is currently listed on GVA Williams New Jersey’s website with an asking price of $36.50 per sf plus tenant electric. Lease term is listed as “negotiable.” The five-story building’s floorplates range from 48,000 sf for the first floor, to nearly 68,000 sf for the upper floors. The space is also listed as divisible.

Located at the intersection of Alexander Rd. and Route One, University Square is across the road from the Hyatt Regency Princeton. In-building features include a two-story atrium lobby, teleconferencing and training facilities, a health club and a cafeteria.