Jones Lang LaSalle
Steel Rises on 313,000-SF Office
By Eric Peterson
Last updated: January 9, 2006 08:14am
PRINCETON, NJ-The steel is rising for Reckson University Square, a 313,000-sf class A office building being developed on a spec basis here. Reckson Associates Realty Corp. of Melville, NY, which has its New Jersey division offices in Short Hills, is the owner/developer.
Site work for the building began in Q3 of 2005, and the space is currently slated for delivery by the end of 2006, according to Todd Rechler, corporate senior vice president and managing director of Reckson’s New Jersey division. Reckson University Square, which is located at the intersection of US Highway 1 and Alexander Road, is also one of only a handful of significant office buildings currently rising on a speculative basis in the Garden State. Plans for the building were initially announced a little more than five years ago, just prior to the market’s most recent down cycle.
“We have confidence now in the success of this speculative development,” Rechler says. “There is a lack of new product being delivered in the Princeton market. We are very optimistic that the time is right for a new building of this type to be delivered in this market.”
When completed, it will be Reckson’s fourth office building in the Princeton area. And it will certainly be the REIT’s largest asset in the market--Reckson currently owns the buildings at 100, 104 and 115 Campus Dr., which have a combined total of about 132,000 sf of class A space. Overall, Reckson owns or has interests in more than 100 properties totaling approximately 20.1 million sf in the tri-state area.
Located near the Princeton Junction Amtrak and New Jersey Transit train station, the five-story Reckson University Square will be highlighted by a two-story atrium and have 60,000-sf floorplates. Other features will include dining and fitness facilities, a teleconferencing and board room for tenants, prewired optics and communications systems. The target tenant audience is the corporate office user, and GVA Williams has the leasing exclusive for the property.
Steel Rises on 313,000-SF Office
By Eric Peterson
Last updated: January 9, 2006 08:14am
PRINCETON, NJ-The steel is rising for Reckson University Square, a 313,000-sf class A office building being developed on a spec basis here. Reckson Associates Realty Corp. of Melville, NY, which has its New Jersey division offices in Short Hills, is the owner/developer.
Site work for the building began in Q3 of 2005, and the space is currently slated for delivery by the end of 2006, according to Todd Rechler, corporate senior vice president and managing director of Reckson’s New Jersey division. Reckson University Square, which is located at the intersection of US Highway 1 and Alexander Road, is also one of only a handful of significant office buildings currently rising on a speculative basis in the Garden State. Plans for the building were initially announced a little more than five years ago, just prior to the market’s most recent down cycle.
“We have confidence now in the success of this speculative development,” Rechler says. “There is a lack of new product being delivered in the Princeton market. We are very optimistic that the time is right for a new building of this type to be delivered in this market.”
When completed, it will be Reckson’s fourth office building in the Princeton area. And it will certainly be the REIT’s largest asset in the market--Reckson currently owns the buildings at 100, 104 and 115 Campus Dr., which have a combined total of about 132,000 sf of class A space. Overall, Reckson owns or has interests in more than 100 properties totaling approximately 20.1 million sf in the tri-state area.
Located near the Princeton Junction Amtrak and New Jersey Transit train station, the five-story Reckson University Square will be highlighted by a two-story atrium and have 60,000-sf floorplates. Other features will include dining and fitness facilities, a teleconferencing and board room for tenants, prewired optics and communications systems. The target tenant audience is the corporate office user, and GVA Williams has the leasing exclusive for the property.
posted by Jones Lang LaSalle NJ News Blog at 1:43 PM
<< Home