Executive director Patrick Murphy and director Craig Eisenhardt of Insignia/ESG, Saddle Brook, NJ, and managing director Thomas Romano of Insignia/ESG Buschman Partners, Princeton, represented Fleet in the transaction, which occurred at 502 Carnegie Center. Ray Sohmer, then of Grubb & Ellis, represented Gallup. Sohmer recently left G&E to become the executive director of Insignia/ESG's new East Brunswick, NJ office.
Carnegie Center, owned by Boston Properties, is a suburban office park consisting of 16 multi-tenant buildings. It features an on-site Hyatt Regency, a post office and a heliport, among other amenities. The sublet was part of Fleet's effort to cut costs by shedding excess space in the region. The office space involved in the transaction was completely furnished and ready for move-in.
"This was a mutually beneficial transaction, since Fleet had the available space and Gallup had decided to leave the downtown area for a suburban environment," according to Romano. "In an office market with limited class A availabilities meeting Gallup's needs, this transaction provided them with an optimal lease term and a competitive rent structure."
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