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Blackstone, RXR Divest Princeton Offices
University Square, a five-story, trophy office building totaling nearly 330,000 square feet in Princeton, NJ, and the adjacent 115 Campus Dr., have traded to New York City-based Argent Ventures for a reported $95 million. JLL represented the seller, a partnership of RXR Realty and the Blackstone Group, and procured the buyer.
Completed in 2008, University Square is 85% leased to tenants including BlackRock, Axis Reinsurance and Mercer. The property was part of a $4-billion, six-building portfolio in Manhattan and Princeton on which RXR and Blackstone partnered in 2015.
The JLL Capital Markets team representing the seller included senior managing directors Jose Cruz, Andrew Scandalios and Kevin O’Hearn, senior directors Stephen Simonelli and Michael Oliver, and associate J.B. Bruno, all with HFF prior to its acquisition by JLL.
“The quality of University Square, along with its location and tenant lineup, brought investors from all over the country,” said Cruz.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
