The relatively low sale price of $115 per sf for the brand-new asset was tied to the fact that it was completely vacant and its interior unfinished. As reported by GlobeSt.com, it was developed as a build-to-suit for the headquarters of Globespan Virata, a communications products company that was acquired by rival chipset maker Conexant while still under construction. Globespan Virata had laid out $35 million for what was to have been its headquarters.

"It was a great value-added opportunity for Normandy," Schubert says. "This building profiled the type of real estate that they have been acquiring throughout New Jersey."

Normandy Real Estate Partners is a Morristown-based real estate investment firm owned and managed by co-founders David Welsh and Finn Wentworth. Since its inception in 2002, the firm has quickly assembled a portfolio valued at more than $500 million.

"It presented us with an entrée to a market that is in the path of growth," says Welsh. "It has easy access to a large labor pool and executive housing."

Health Net's space is currently being built out, and the publicly traded managed health care company expects to move in by the end of this month. The company, which is based in Los Angeles, provides benefits through its HMO, POS, insured PPO and government contracts subsidiaries.

The building itself is situated on a 10-acre site at a four-way interchange of the Garden State Parkway at this community's border with Aberdeen Township. The precast and glass facility features a two-story atrium and sheltered parking. The remaining space--approximately 160,000 sf--is still on the market for lease.