The sublessor is BearingPoint Inc., the consulting firm formerly known as KPMG Inc. Jones Lang LaSalle, which represents BearingPoint nationally, arranged the deal on behalf of its client, while Jeff Chaus of Chaus Realty, Hasbrouck Heights, NJ, represented Technip-BioPharm. The sublease term is set for seven years, although no further details of the transaction were released.
"This is the first sign of positive net absorption in the I-287/I-78 corridor," according to Charles Hatfield, managing director of Jones Lang LaSalle's Bedminster, NJ office, who with Alex Gilbert, executive vice president in the firm's New York City office, handled the deal.
"The transaction was very beneficial for the market, and is one of the biggest deals signed all year to date in the Somerset County area," Hatfield continues. It was completed with the cooperation of Mack-Cali and SJP Properties, according to Hatfield.
The four-story, 132,000-sf 106 Allen Rd. is jointly owned by Mack-Cali Realty Corp. of Cranford, NJ and SJP Properties of Parsippany, NJ, two of the Garden State's largest owners of office properties. In the transaction, Technip-BioPharm subleased the entire third floor from BearingPoint, and took an option for future expansion onto the fourth floor of the building.
In the New York tri-state market, Jones Lang LaSalle currently provides leasing and management services for some 30 million sf of office buildings and represents 1.7 million sf of leasing transactions annually.
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