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RXR Realty Signs First Tenant at University Square

PRINCETON, NJ-Otsuka America Pharmaceutical picked up the 67,531-square-foot headquarters as part of a long-term lease transaction.

By Alyson Grala | Updated on July 22, 2009

PRINCETON, NJ-RXR Realty LLC has announced that Otsuka America Pharmaceutical Inc. 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. Otsuka was represented by Jane Moni and Lori Gaffney of Triad Commercial Real Estate, while First Service Williams represented RXR.

According to Todd Rechler, president of RXR New Jersey, the first building’s first tenant will occupy the entire top floor of University Square, consolidating and expanding its east coast operations from two separate existing facilities–located in Rockville, MD and Princeton–into one corporate headquarters facility. While RXR would not reveal the lease amount, the company’s website lists University Square space for $36.50 per square foot.

Building features include a two-story atrium lobby with cherry wood paneling and granite detail; state-of-the-art communications and technology; multi-dimensional teleconferencing and training facilities; concierge service; a health club with locker rooms and saunas; and a full-service cafeteria.

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