PRINCETON, N.J. — Holliday Fenoglio Fowler (HFF) has arranged the $81.5 million refinancing of a Princeton office portfolio. The trophy property of the four-building portfolio is University Square. The Class A building totals 324,000 square feet and was completed in 2008. The other three properties are single-story office buildings totaling 132,000 square feet that are located at 100, 104 and 115 Campus Drive.
The portfolio was 95 percent leased at the time of closing by a tenant roster that includes Blackrock, Axis Insurance and Otsuka. It benefits from a prime location at the intersection of Route 1 North and Alexander Road, which is adjacent to Carnegie Center and 2 miles east of downtown Princeton.
Mike Tepedino, senior managing director of HFF's New York City office, and Jon Mikula, who holds the same position at the company's New Jersey office, represented the borrower, a joint venture between RXR Realty and affiliates of Marathon Asset Management. The financing carries a 5-year term with a fixed interest rate. The lenders were Cigna Investments and AIG Global Investment Group.
In a statement Tepedino said, “University Square is one of the preeminent office assets in the Princeton market and was designed to capture the 'best of class' tenants through a combination of trophy quality office space, advanced technology and connectivity infrastructure, and first-class amenities.”
— Coleman Wood