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BEDMINSTER, NJ-Faro Pharmaceuticals has subleased 24,744 sf of office space at 135 Route 202/206 to Flarion Technologies. Samuel Buckley, Robert Rudin and Remy deVarenne of Insignia/ESG’s Saddle Brook, NJ office arranged the transaction for Faro.

The deal marks the second time in 18 months that Faro has turned over space to Flarion, with the two transactions totaling some 57,000 sf at the building, which is owned by Leggatt McCall Properties. Actually, the latest transaction is a sub-sublease, as Faro had leased the property from St. Paul Insurance several years ago.

“Under certain unique situations like these, subleasing makes good business and financial sense for growing companies like Flarion Technologies needing expansion space quickly,” according to Buckley. “Faro was winding down some of its business and Flarion needed finished office space and furniture quickly.”

Flarion, an offshoot of Lucent Technologies, is in the process of commercializing a new wireless data access technology called flash-OFDM. Faro, meanwhile, is an emerging pharmaceutical company that acquires, markets and distributes existing medicines in specialized markets.

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