University Square at 1 University Square Drive in West Windsor — Courtesy: JLL
By Joshua Burd
The buyer of a nearly 330,000-square-foot office building near Princeton has secured acquisition financing for the deal, brokers with JLL announced Wednesday.
In a news release, the real restate services firm said it represented Argent Ventures in sourcing the loan for its purchase of University Square, an 85 percent leased property at 1 University Square Drive in West Windsor. Morgan Stanley is providing the financing, the terms of which were undisclosed.
JLL Senior Managing Director Greg Nalbandian and Analyst Andrew Zilenziger led the capital markets team that completed the assignment. The firm will also service the securitized loan.
“University Square is widely recognized as the best office building in the very desirable Princeton submarket,” Nalbandian said. “The building is occupied by three investment grade tenants headlined by BlackRock, (which) just executed a 10-year renewal and occupies 64 percent of the GLA.
“Based upon these factors, there was considerable competition to place this loan. Morgan Stanley delivered a very competitive deal.”
Completed in 2008, University Square is also home to tenants including Axis Reinsurance and Mercer. JLL also brokered the recent sale of the property after marketing it on behalf of the sellers, RXR Realty and The Blackstone Group.