Princeton Overlook at 100 Overlook Center in West Windsor — Courtesy: JLL
By Joshua Burd
An office building in West Windsor is on the market for sale, offering a tenant roster that includes Princeton University and a development opportunity on an adjacent parcel.
According to JLL, which is representing the would-be seller, the existing building at Princeton Overlook spans 154,997 square feet and is 86 percent leased. The brokers noted that Princeton University occupies more than 67,000 square feet, or 43.5 percent of the leased space, in a location that includes the school’s office of development.
The building at 100 Overlook Center is also home to Regus, which occupies 38,930 square feet, and UBS, which leases 6,762 square feet, providing it with 79 percent of its income from credit tenants, JLL said. The firm added that the 21.1-acre site was originally slated to house a twin building, meaning there is vacant land with an opportunity for future development on Route 1.
“With an in-place (net operating income) of over $3 million, anchored by Princeton University, and upside in leasing the vacant space and developing the excess land, Princeton Overlook offers investors reliable cash flow and upside in one of New Jersey’s premier submarkets,” JLL wrote in its offering materials for the property.
The firm’s Jose Cruz, Jeremy Neuer and Michael Zlotnick are marketing the site with financing and leasing support from Max Custer and Thomas Romano, respectively.
