the sale

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And the sale price was not released, although industry sourceshad it tagged in the $20-million range. The final price has nowbeen placed at $155 per sf, which factors out to approximately$21.5 million. All of the new information comes directly from thebuilding's new owners, the New York City-based Lawrence ZirinskyAssociates, which acquired it through its Southgate Center FourAssociates LLC affiliate.

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"This is a very appropriate addition to our New Jerseyholdings," says company president John Zirinsky. "The building islocated in a strategic business area and offers contemporary officespace. Our firm and our management arm, National Business Parks,will continue to operate this property with the higheststandards."

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And while much of Zirinsky's New Jersey holdings are in thePrinceton area, the latest acquisition is a fit for the firm.Located within the Southgate Corporate Center, it's adjacent to twoother Zirinsky-owned buildings, the 190,000-sf 435 South St.,occupied by UPS, and the 210,000-sf 475 South St., entirelyoccupied by Atlantic Health System.

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As reported here, the seller was represented by brokers fromCushman & Wakefield. Zirinsky was represented by NationalBusiness Parks' COO Vincent Marano and the firm's VP-finance,William Krauss.

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The latest acquisition, a three-story building on 9.7 acres,comes with an upside. Approximately 50,000 sf, or 36% of its space,is vacant in the wake of a gradual pull-out by shipping giantMaersk. Remaining major tenants in the building are the accountingfirm Withum, Smith & Brown, and Hamburg Sud North America Inc.,a deep-sea freight transportation company.

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