The long-standing vacant University Square that has been referenced by some as an example of why a transit village would not work at the Princeton Junction train station is now fully leased by big-name companies.
Blackrock has put an end to three years of rumors — the financial giant will move from 800 Scudders Mill Road in Plainsboro to the new location at Route 1 and Alexander Road in West Windsor.
Earlier this month, a spokeswoman from the company confirmed that Blackrock would lease 141,000 square feet at University Square, at Route 1 and Alexander Road, for approximately 800 employees.
Speculation over whether the company would leave its 350,000-square-foot space on Scudders Mill Road began several years ago. The company was courted by landlords in Trenton and New Brunswick, as well as West Windsor.
But every time it seemed as if Blackrock was about to sign a lease, more delays — and more speculation — were the only results. Jerry Fennelly, president of NAI Fennelly in Hamilton, said the company did not need to make an immediate decision because its lease at Scudders Mill does not expire in October, 2011. “They’ve had the benefit of not having to commit,” he said.
It also has had the luxury of not worrying about the money. One of the largest financial firms in the world, once part of Merrill Lynch, Blackrock has several thousand employees worldwide and manages more than $3 trillion in assets.
Blackrock is now the third tenant to sign on at University Square, which just recently became operational with the move-in of Maryland-based Axis Reinsurance. Axis has yet to speak publicly about its move to West Windsor, but it announced in January that it would lease 26,000 square feet in the 313,000-square-foot building.
Axis, the second company to announce a lease signing at University Square, was the first to move in. Otsuka Pharmaceuticals, a Japan-based company, was the first to sign on here last summer. Otsuka has remained mum on its move from 100 Overlook Drive, but it has signed a 67,531-square-foot lease — more than tripling its size on Overlook — for a potential move of its headquarters from near Baltimore.
West Windsor Mayor Shing-Fu Hsueh and Business Administrator Robert Hary said they did not know exactly when Blackrock would move, but say they believe it is now a full house at University Square, with all five floors of the building occupied. “We’re very excited to have them in the community now,” said Hary of the Blackrock announcement.
Once Blackrock signs the deal with the property owners, the company will have to come to the township. “They’re going to be coming in for what we call ‘tenant outfitting,’” explained Hary. That process ensures new tenants meet permitting and other requirements.
Hsueh said Otsuka has already worked out its tenant outfitting with the township and will be occupying the top floor of the building. “I think they’re very close to occupying it,” added Hary.
