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WARREN, NJ-Lucent Technologies has signed a letter of intent to sell its five-building complex here for an estimated $165 million. The buyer-to-be is Parsippany, NJ-based SJP Properties, currently one of New Jersey’s most active commercial real estate owner/developers. Neither buyer nor seller would provide further details of the deal, pending its completion, although Prudential is said to be involved on the financing end.

Several national real estate companies were apparently in the hunt for the complex, but most are said to have wanted Lucent to sign a long-term lease commitment for the space. Given Lucent’s massive restructuring–19,000 jobs cut in the first half of the year with another 20,000 to be cut–Lucent is likely in no mood for long-term leases.

While the deal with SJP Properties and Prudential is in fact a sale-leaseback, it provides Lucent with some options to move out, if necessary. According to SJP Properties’ CEO, Stephen J. Pozycki, “we were successful in bidding for the property because we gave Lucent the flexibility they asked for in terms of managing the ongoing changes in their employee count.”

The property totals five buildings on 170 acres of land just off of I-78 in Warren. Three of the buildings are 155,000 sf each, and the other two are 175,000 sf each, for a total building space of 815,000 sf, according to a spokesman for SJP Properties. Considering that the buildings are only five years old and the campus has a number of amenities and a prime location, the sale price of just over $200 per sf, while certainly not bargain-basement, is still considered to be a good value for the buyer, according to industry sources.

The sale comes on the heels of Lucent’s recent refinancing of its headquarters facility, located in nearby Murray Hill, NJ. Beyond a written statement that “[we] also closed on a real estate financing deal, receiving cash proceeds of approximately $300 million,” Lucent would provide no further details of the refinancing.

Still, Lucent’s ongoing woes apparently haven’t scared off customers–in the past several weeks, the company has signed new contracts topping $2.5 billion. As far as the restructuring, the outgrowth of Bell Labs has issued a statement explaining that “we are re-creating a new Lucent totally focused on… building broadband and mobile Internet infrastructure. [We] will provide [those services] based on optical, data and wireless solutions.”

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