The three-story building was once occupied by AT&T Bell Labs and was inherited by Lucent when that company was spun off a number of years ago. As part of its own consolidation, Lucent vacated the premises in stages in 2001 and 2002, moving several hundred positions to another existing location in Holmdel, less than 10 miles away.

Stephanie A. Vitale, director of leasing for Murray Construction, notes that the building's repositioning should be completed by April 2006. "It is located at Exit 114 of the Garden State Parkway--the parking lot is literally adjacent to Exit 114 with more than 2,000 feet of frontage right on the Parkway." The asset is being marketed for corporate use, "and may be easily subdivided according to tenant needs." The cost of the project has not been disclosed.

Murray Construction itself, meanwhile, is on the move. The builder/developer has moved from its home of 35 years in Springfield to a new headquarters location in Millburn. The company has taken 10,000 sf of office space on the fourth floor of its own Schoolhouse Plaza, a 46,000-sf, four-story office/retail building connected to a turn-of-the-century school building.

"We were growing, and we needed a change," says Douglas Friedrich, the company's president and COO. "Schoolhouse Plaza has always been one of our favorite properties. It's rich in character because it's part of a beautiful, historic schoolhouse."