Princeton University Pays $33M for New Jersey Office Asset
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.
Princeton University occupies the largest space at the property, while other tenants include Regus and UBS Financial Services.
The property previously traded in 2021 for $38 million, when Cali Futures picked it up from Veris Residential, according to CommercialEdge.
Originally completed in 1988 and renovated in 2012, the four-story building features two passenger elevators, 37,400-square-foot floorplates and 524 covered parking spots, according to the same source. Princeton Overlook is on a nearly 21-acre lot and was initially designed to include two buildings.
Located at 100 Overlook Center, the property is across U.S. Highway 1 and 17 miles from Central Jersey Airport. Philadelphia is 47 miles southwest.
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.
New Jersey’s low office prices
New Jersey’s office investment volume reached $538 million as of October, with assets changing hands at $98 per square foot, well below the $177 national average, according to the latest CommercialEdge report. The metro outperformed Philadelphia, where deals amounted to $316 million.
New Jersey’s office vacancy rate reached 20.1 percent, 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.
Recent office deals in the metro includes RWJBarnabas Health Foundation’s acquisition of a 154,777-square-foot property in Hanover Township, N.J. The asset traded for $14 million in an off-market deal.
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