The terms were not disclosed. Geoffrey Schubert, managing director, and Tom Reilly, senior vice president of CB Richard Ellis' Paramus, NJ office arranged the lease transaction.

Scarcely had Motorola's lease expired in Piscataway when Schubert and Reilly turned right around and sold the company's former premises for $10 million, just one day later. Dendrite International, a firm that designs software for the pharmaceutical industry, snapped up the property, which had been owned by Baltimore-based Townsend Property Trust. Dendrite itself is moving up in terms of space consideration--the company is relocating to the Piscataway building from its 100,000-sf space in Morristown.

"Our assignment from Townsend was to have a smooth transition, and I think we did that," according to Schubert. He points out that Motorola's lease expired on a Monday and the sale of the property closed on Tuesday.

"Given the softening of the market, and the fact that the building needs new mechanicals and new parking lots, Townsend felt that it was time to remove the property from its portfolio," according to Schubert. Townsend's national portfolio is in the eight million-sf range, with about three million of that in New Jersey.

Townsend bought the 330 South Randolphville Rd. property just three years ago. Originally built as a warehouse with an office component, it was renovated in the mid-80s and converted into high-tech offices. Lucent Technologies leased the building in the mid-90s, putting more than $10 million in improvements into it.

"We met our goals and got an excellent price for a building that no longer met our needs," says Daniel Cramer, vice president of Townsend.

Instant Insights /

Former Motorola Building Sold for $10 Mil

Related Stories

Recommended For You