The deal was brokered for sublandlord Toys 'R' Us by Jeffrey Babikian, Richard Danesi, Brian Godau and Nick Savage of the Saddle Brook, NJ office of CB Richard Ellis. Kevin Murphy of Cushman & Wakefield represented Wachovia Securities. Terms of the sublease were not disclosed, however, space in the building is listed on CBRE's website with an asking price of $24.50 per sf.
Mack-Cali Realty Corp., Cranford, NJ, owns the building, which is the one-time headquarters facility for Toys 'R' Us, before the toy retailer moved its operations to Wayne. The five-story class A building, which was completed in 1988, currently has units ranging from 5,000 to 100,000 sf still available, according to Babikian.
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