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.

"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."

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.