A prime New Jersey office property located on Route 1 in West Windsor Township changed hands for $33.4 million. The JLL Capital Markets Investment Sales and Advisory team handled the sale of the 158,180-square-foot building and approximately 21-acre property. Senior Managing Directors Jose Cruz and Jeremy Neuer and Senior Analyst Bradley Wachenfeld represented the seller, Cali Overlook LLC, and procured the buyer, Princeton University.
Princeton Overlook is a four-story office building constructed in 1988. While the original plan called for two buildings, the second structure was never built, thus leaving several acres of vacant land for further development. The new owner, Princeton University, is already a tenant in the building, which houses additional tenants, including Regus Coworking and UBS Financial Services. The site is strategically located on Route 1 and has immediate access to restaurants, retail and other amenities.
“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,” commented JLL’s Jose Cruz.
“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,” added JLL’s Neuer.
