PEAPACK, NJ-Jeffrey Dunne, Kevin Welsh and Christopher Leonardof CB Richard Ellis' New York Institutional Group teamed with BillMoylan of the CBRE Boston office to represent the seller in the$23-million sale of the leasehold interest in 100 Rt. 206 N. here.The seller was Hamilton Associates Limited Partnership and thepurchaser was Pharmacia & Upjohn Company LLC, an entitycontrolled by Pfizer, Inc.

The assets are located approximately three miles north of Exit22 of Interstate 287 and encompass 10 office buildings--totaling518,000 square feet--interconnected by above ground and undergroundwalkways. The buildings, which are situated within a 70-acre campussetting, were constructed in 1982 as a campus for BeneficialManagement, then a national finance company.

Beneficial did a sale-leaseback in 1982 and subsequently subletthe entire campus to Pharmacia & Upjohn. Pfizer, through itsacquisition of Pharmacia & Upjohn, currently occupies thebuildings and will consolidate various operations into the propertyfrom throughout the region. Pfizer is also the owner of the feeinterest.

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