{"id":1004739413,"date":"2024-12-03T23:45:46","date_gmt":"2024-12-04T07:45:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004739413"},"modified":"2024-12-04T05:25:24","modified_gmt":"2024-12-04T13:25:24","slug":"princeton-university-pays-33m-for-new-jersey-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/princeton-university-pays-33m-for-new-jersey-office-asset\/","title":{"rendered":"Princeton University Pays $33M for New Jersey Office Asset"},"content":{"rendered":"
\n
\"Exterior<\/a>
Princeton Overlook dates back to 1988 and was last upgraded in 2012. Image courtesy of JLL<\/em> Capital Markets<\/em><\/figcaption><\/figure><\/div>\n\n\n

Princeton University has acquired Princeton Overlook, a 158,180-square-foot Class A office building in West Windsor Township, N.J. Cali Futures sold the asset for $33.4 million. JLL Capital Markets negotiated on behalf of the seller and procured the buyer.<\/p>\n\n\n\n

Princeton University occupies the largest space at the property. Other tenants include Regus and UBS Financial Services.<\/p>\n\n\n\n

The property previously traded in 2021 for $38 million, when Cali Futures picked it up from Veris Residential, according to CommercialEdge.<\/p>\n\n\n\n

Initially designed to include two buildings, Princeton Overlook came online in 1988 and was renovated in 2012. The four-story office asset features two passenger elevators, 37,400-square-foot floorplates and 524 covered parking spots, according to the same source. <\/p>\n\n\n\n

Located on a nearly 21-acre lot at 100 Overlook Center, the property is across U.S. Highway 1 and 17 miles from Central Jersey Airport. Philadelphia is 47 miles southwest.<\/p>\n\n\n\n

The JLL Capital Markets team working on behalf of the seller included Senior Managing Directors Jose Cruz and Jeremy Neuer, together with Senior Analyst Bradley Wachenfeld.<\/p>\n\n\n\n

New Jersey’s low office prices<\/h2>\n\n\n\n

New Jersey’s office investment volume<\/a> reached $538 million year-to-date as of October, with assets changing hands at $98 per square foot, well below the $177 national average, according to the latest CommercialEdge report<\/a>. The metro outperformed Philadelphia, where deals amounted to $316 million.<\/p>\n\n\n\n

New Jersey’s office vacancy rate reached 20.1 percent in October, up 260 basis points over a 12-month period and was the only one in the Northeastern markets above the 19.4 percent national average.<\/p>\n\n\n\n

Recent office deals in the metro included RWJBarnabas Health Foundation’s acquisition of a 154,777-square-foot property in Hanover Township, N.J. The asset traded for $14 million<\/a> in an off-market transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"

The buyer is the largest tenant in the building.<\/p>\n","protected":false},"author":2991,"featured_media":1004739415,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,10,21747],"tags":[44006,33655],"class_list":["post-1004739413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-northeast","category-office","tag-jll-capital-markets","tag-regus"],"acf":[],"yoast_head":"\nPrinceton University Pays $33M for New Jersey Office Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Princeton University acquired Princeton Overlook, a 158,180-square-foot Class A office building in West Windsor, N.J., for $33.4 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/princeton-university-pays-33m-for-new-jersey-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Princeton University Pays $33M for New Jersey Office Asset\" \/>\n<meta property=\"og:description\" content=\"Princeton University acquired Princeton Overlook, a 158,180-square-foot Class A office building in West Windsor, N.J., for $33.4 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/princeton-university-pays-33m-for-new-jersey-office-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-04T07:45:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-04T13:25:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/JLL_Princeton.Overlook_PR-e1733230360247.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1313\" \/>\n\t<meta property=\"og:image:height\" content=\"986\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/princeton-university-pays-33m-for-new-jersey-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/princeton-university-pays-33m-for-new-jersey-office-asset\/\",\"name\":\"Princeton University Pays $33M for New Jersey Office Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/princeton-university-pays-33m-for-new-jersey-office-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/princeton-university-pays-33m-for-new-jersey-office-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/JLL_Princeton.Overlook_PR-e1733230360247.jpg\",\"datePublished\":\"2024-12-04T07:45:46+00:00\",\"dateModified\":\"2024-12-04T13:25:24+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/4659e2337f06b61cefc6b0b897d183a4\"},\"description\":\"Princeton University acquired Princeton Overlook, a 158,180-square-foot Class A office building in West Windsor, N.J., for $33.4 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/princeton-university-pays-33m-for-new-jersey-office-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/princeton-university-pays-33m-for-new-jersey-office-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/princeton-university-pays-33m-for-new-jersey-office-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/JLL_Princeton.Overlook_PR-e1733230360247.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/JLL_Princeton.Overlook_PR-e1733230360247.jpg\",\"width\":1313,\"height\":986,\"caption\":\"Exterior shot of Princeton Overlook, an office property in Princeton, N.J. 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