University Square at 1 University Square Drive in West Windsor — Courtesy: JLL
By Joshua Burd
RXR Realty and The Blackstone Group have sold a two-building, 363,000-square-foot office portfolio in West Windsor, the home of BlackRock and other major tenants.
Brokers with JLL, which represented the sellers, announced Friday that Argent Ventures had purchased the adjacent properties for an undisclosed price. The sale included 1 University Square Drive, a five-story building with nearly 330,000 square feet and a 33,600-square-foot property at 115 Campus Drive.
The JLL capital markets team included senior managing directors Jose Cruz, Andrew Scandalios and Kevin O’Hearn, along with senior directors Stephen Simonelli and Michael Oliver and Associate J.B. Bruno.
“The quality of University Square along with its location and tenant line up brought investors from all over the country,” Cruz said. “We are seeing many more buyers for suburban office product these days as attractive current going in yields and upside in the leasing continue to drive interest.”
Completed in 2008, University Square features a two-story cherry and granite atrium lobby, gourmet cafeteria, large media and conference room and fitness center with locker rooms, JLL said. Tenants at the 85 percent leased property include BlackRock, Axis Reinsurance and Mercer, providing a location along Route 1 between Philadelphia and New York City.
JLL also touted the site’s proximity to downtown Princeton and the Princeton Junction train station, which provides access to the Northeast corridor via NJ Transit and Amtrak.
