SOMERSET, NJ-Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRichard Ellis' New York Institutional Group represented the unnamedseller in the disposition of 580 Howard Ave. here, while GeoffreySchubert and Sean Morley, also from CBRE, represented the buyer,Oticon Inc. in the acquisition of the property, which will serve asa consolidation of two local facilities to create its new USheadquarters.

The asset is a 162,756-square-foot office building situated onaround nine acres. It has been occupied by a number of high-profilecompanies, such as Avaya and AT&T. Welsh tells GlobeSt.com,“The property presented an excellent opportunity for Oticon topurchase an asset that would enable the company to consolidate itsoperations and administrative office within one building creatingoperational efficiencies and a new corporate environment."

Recent sales for the Institutional Group include 100 Route 206North in Peapack, NJ, which traded for $23 million, and the TopsPortfolio in the Buffalo/Rochester region, which consisted of703,201 square feet in six shopping centers for $42.6 million.