Although the firm declined to provide the rental rate, a fourthquarter office report from Marcus & Millichap Real EstateInvestment Services places Morris Twp. rents at $24.28, with only a1.7% decline in price since Q4 2008.

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"After examining many options throughout Morris County duringthis very competitive site search process, the tenant decided toremain at 465 South," says Jeffrey A. Prezant, director, Cushman& Wakefield, Inc., who represented his long-time client in thetransaction. "The ownership of the property has been very good towork with, and the competitive real estate market enabled us tocomplete a very compelling economic transaction."

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Located less than 20 miles from the international portfacilities of Newark and Elizabeth, the building is owned bySouthgate Center Four LLC, an affiliate of the New York-basedZirinsky Family, and managed and leased by affiliated NationalBusiness Parks, Inc. The ownership was represented in-house in thetransaction by Vincent Marano and Thomas Stange. "The ownershipwill be putting in some new base building work," adds Prezant.

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