Both J&J and owner JER/Herring Orchard LLC, a joint ventureof JER Partners of McLean, VA and the Princeton-based HerringManagement Inc., were represented by brokers from Colliers Houston& Co. Terms were not released; the remaining availability ofabout 100,000 sf, divisible to 6,000 sf, is currently listed withan asking price of $23.75 per sf.

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"Johnson & Johnson has leased approximately half the spaceat 23 Orchard," confirms Alex Gilbert, managing director of USFunds Investment Management for JER Partners. "This reflects theinherent strength and growth in the local market, the location ofthe asset and the job Herring Management has done with the propertyrenovations."

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Those renovations, at a cost of approximately $3 million,involved turning the asset into a multi-tenant building afterJER/Herring bought it from CA Inc., formerly Computer Associates,in early 2006. Computer Associates had put the building on themarket for sale or lease inearly 2004 as part of a restructuring, but continued to occupymajor portions of it for a time. The building had been built forthe company in 1983.

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The $3-million makeover was completed just more than a year ago,and 23 Orchard Rd. was officially put on the market for lease. At thetime, CA still had a small presence on a leased basis.

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"We have been able to create class A quality space," says JamieHerring, owner of Herring Management. "With rental rates in the low$20s, it is a superior environment for employees and a terrificlocation in which to do business."

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The building sits on a 70-acre site with a number ofrecreational amenities. The building itself includes ateleconferencing facility, health club and restaurant.

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