RXR Realty LLC ("RXR"), the leading real estate operating company in the New York Tri-State region, has announced that Otsuka America Pharmaceutical, Inc., a global manufacturer, seller, importer/exporter of pharmaceuticals, clinical testing and medical equipment, food products and cosmetics, has signed a 67,531-square-foot long-term lease at University Square, its newly completed 313,000-square-foot premier Class-A office building located in the Princeton submarket.
"We are extremely proud to officially open University Square and welcome our first tenant, Otsuka America Pharmaceutical, Inc.," stated Todd Rechler, President, RXR New Jersey. "The Otsuka transaction is a significant lease and further validates University Square's market position as the most desirable new office building in the prestigious Princeton submarket and strengthens our strategy of offering next generation tenants a world-class new office building that features leading edge technology, a five-star amenity package and environmentally conscious details. We remain confident that University Square will continue to appeal to sophisticated tenants like Otsuka who value design, image, amenities and a location that is truly unrivaled in the marketplace."
Otsuka America Pharmaceutical, Inc. will occupy the entire top floor of University Square, consolidating and expanding its east coast operations from two separate existing facilities, located in Baltimore, Maryland and Princeton, New Jersey, into one corporate headquarters facility.
University Square offers the highest level of amenities and services, creating a premier office environment. The building features: an impressive two-story atrium lobby with rich cherry wood paneling and granite detail; state-of-the-art communications, technology and connectivity; multi-dimensional teleconferencing and training facilities; concierge service; state-of-the-art health club with locker rooms and saunas, and a full-service cafeteria.
Located along the Route One Corridor, at the intersection of US Highway 1 and Alexander Road, University Square is situated within close proximity to the Princeton Junction Amtrak and New Jersey Transit train station. Additional property amenities include a superior riser capacity and backup generator. RXR's on-site management team will provide the highest level of services to building tenants.
Otsuka was represented by Jane Monie and Lori Gaffney of Triad Realty in this transaction, while David Simson represented RXR. "University Square offers the most impressive variety of on-site amenities of any new development along the desirable Route One Corridor. As with all RXR developments, the emphasis on quality amenities and attention to details is unprecedented," commented David Simson. "There is simply no other new building in Princeton to rival the level of detail, quality finishes and advanced infrastructure of University Square. We are pleased to have been able to meet their exacting requirements at University Square and we look forward to similar lease announcements in the near future."
University Square currently has approximately 245,469 square feet of available Class-A office space available for occupancy. Newmark Knight Frank team including David Simson, Tom Romano and Steve Tolcach are leading the exclusive leasing assignment on behalf of RXR Realty.
RXR Realty LLC ("RXR") is a vertically integrated private real estate company with expertise in investment management, development, design, construction, leasing, financing and asset management. RXR's core growth strategy is focused on the markets surrounding New York City. The Company is one of the largest owners, managers, and developers in the New York Tri-State Area with interests in approximately $2.8 billion in assets, comprised of 70 properties containing approximately 11.2 million square feet, and an extensive development pipeline. For more information on RXR, please visit the company's web site at www.rxrrealty.com.
About Newmark Knight Frank
Newmark Knight Frank is one of the largest independent real estate service firms in the world. Headquartered in New York, Newmark Knight Frank and London-based partner Knight Frank operate from over 195 offices in established and emerging property markets on six continents. Last year, transactions were valued at more than $47.6 billion with annual revenues of over $962 million. With a combined staff of more than 6,900, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For further information, visit www.newmarkkf.com.