MIDDLETOWN, NJ-Memorial Sloan-Kettering willacquire the vacant former Lucent Technologies building here,filling a 288,000-square foot hole in a community where the officevacancy rate was 48% last year.

The building at 480 Red Hill Rd. off Garden State Parkway exit114 was sold for $14 million by AEGON, which hadoriginally been the lender for the development. It took back thebuilding from Murray Construction, the builder andowner, in 2009.

CBREGroup brokered the sale deal for AEGON, whileCushman & Wakefield represented Memorial,which will retrofit the building as a cancer treatmentcenter.

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