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PARSIPPANY, NJ-As has been well-publicized, Lucent Technologies is in the throes of a major reorganization (read downsizing), and the latest bit of real estate evidence of that is the fact that it has put its 248,000-sf space at 5 Woodhollow Rd. on the sublet market. Lucent currently occupies the space, but is expected to vacate it shortly.

“It’s one of the few blocks of space its size in this submarket,” according to Les Smith of Cushman & Wakefield of New Jersey, East Rutherford. Smith, along with C&W’s Robert Donnelly and Kevin Murphy, has the marketing assignment. “It’s being offered for $20 per sf, nearly $5 less than the average market value for comparable class A office space,” Smith adds. “This rate is noteworthy in the market.”

The building’s features include a three-story atrium lobby, extensive landscaping, and a data center. “It was developed as a corporate headquarters facility,” Smith points out. “Coupled with the price reduction, this is an excellent opportunity for a corporate user.”

Corporate neighbors include Pfizer, Hartford Insurance, Simon & Schuster, Merck, ADP and Avaya. The latter, of course, is ironically a Lucent spin-off.

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