Princeton Overlook at 100 Overlook Center in West Windsor — Courtesy: JLL
By Joshua Burd
Princeton University has gone from tenant to landlord in West Windsor after acquiring a more than 158,000-square-foot office building off Route 1, in a newly announced deal by JLL.
According to the brokerage team, the school paid $33.4 million for what’s known as Princeton Overlook at 100 Overlook Center. It’s among several occupiers at the 158,180-square-foot property, occupying more than 67,000 square feet at the time of an offering earlier this year, part of a 21-acre site that was originally intended to house two buildings and thus allows for future development on the vacant land.
JLL senior managing directors Jose Cruz and Jeremy Neuer and Senior Analyst Bradley Wachenfeld represented the seller, Cali Overlook LLC, and procured the buyer.
“Our team has had significant success in the Princeton market as it attracts a unique buyer pool due to the vibrancy of the university and the talented workforce in the immediate area,” Cruz said, touting the building’s location along Route 1.
Built in 1988, the four-story office building is also home to UBS Financial Services and Regus, the coworking company.
“Working with Princeton University is always a pleasure and with our client, Cali Futures, we were able to create a win-win scenario with the university,” Neuer added.
JLL: Buyer wanted for 155,000 sq. ft. office building, land parcel outside Princeton