"Kline, a long-term tenant at the building, has expanded internationally in recent years, prompting the company to decentralize some of its consulting operations," says Curtis Foster of Cushman & Wakefield, East Rutherford, who co-brokered with signing with the firm's Peter Hamburger, representing the sublandlord. Systra was represented by Tom Palestina of Palestina Properties, Bloomfield. "Subletting the resulting excess space was a smart move to improve efficiencies," Foster says.
Originally built in 1988, the building on 13.5 acres at 150 Clove Rd. was acquired by the locally based Theta Holding Co. in 1994 from its original developer. As reported by GlobeSt.com, Theta gave the exclusive assignment for the building's direct available space in early 2006. Terms of the Systra sublease lease were not disclosed. The building is currently listed with C&W with approximately 100,000 sf of direct space available with an asking price of $25 to $30 per sf.
Founded in 1959, Kline & Co. is a management consulting and market research firm that serves the petroleum and energy, specialty chemical, life sciences and consumer products industries. New subtenant Systra specializes in planning, engineering, design and construction management for transit systems and related facilities.
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