$48.1M Non-Performing Office Note Sale
Secured by a first-lien mortgage on the leasehold interest of College Park
Marketing description
For registration requirements and regulations, please review here or contact Alex Orth | 949-500-9409 | [email protected].
Jones Lang LaSalle Americas, Inc. ("JLL"), a licensed real estate broker, has been retained on an exclusive basis to arrange the sale of a $48.1 million office loan (the "Loan" or "Note"). The Loan is secured by a first-lien mortgage on the leasehold interest of College Park (the “Collateral” or “Portfolio”), a five-building office campus totaling 461,832 SF located in the Princeton submarket of New Jersey.
The Loan originated with an original principal balance of $55,000,000, bears a fixed interest rate of 4.68%, and amortizes over 30 years. As of May 2026, the Loan has an unpaid principal balance of $48,052,305 and matures on September 6, 2026. The Portfolio currently averages 23.7% occupancy with remaining in-place tenancy averaging a WALT of 1.6 years.
- Non-Contingent
- Earnest Money Deposit: Greater of $20,000 or 10% of the Purchase Price
- Marketing Fee: 3% of the Winning Bid Amount, $20,000 minimum
- $10,000 Participation Deposit
- Close of Escrow: Ten (10) Business Days after the Approval Date
- Subject To Seller Approval
2 & 4 Research Way East, Princeton, NJ 08540
103, 105, & 107 College Road East, Princeton, NJ 08540
Investment highlights
- Proven Submarket Demand with Occupancy Recovery Potential: Prior to COVID-19, College Park maintained an average historical occupancy of 89% between 2000–2019, demonstrating strong long-term demand fundamentals. A future investor can pursue multiple value-enhancement strategies including lease-up, redevelopment, or individual asset disposition
- Residential Redevelopment Opportunity: 2 & 4 Research Way have been included in Plainsboro Township's Draft Round 4 Affordable Housing Plan, providing a potential direct path to multifamily redevelopment approvals — a rare and valuable entitlement opportunity embedded in the collateral
- Acquisition at a Significant Discount to Replacement Cost: The Loan provides investors the ability to gain control of 461,832 SF of Princeton submarket office product at a basis well below what could be replicated today, with a near-term maturity in September 2026 presenting a potential path to ownership
- Strategic Princeton Submarket Location: The Portfolio benefits from excellent regional connectivity and proximity to the deep talent pools, major employers, and infrastructure of the Princeton corridor — one of New Jersey’s most established office submarkets
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