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WARREN, NJ-Confirming a GlobeSt.com report of several weeks ago, Lucent Technologies has closed on the sale of its 825,000-sf, five-building Warren Corporate Center. Details of the sale were not disclosed, although the sale price was reported to be in the $165-million range, or about $200 per sf.

The buyer is a joint venture between SJP Properties of Parsippany, NJ, one of the state’s most active commercial real estate companies, and PRISA, a $3.5 billion core open-end commingled fund managed by Prudential Real Estate Investors. Robert Donnelly of Cushman & Wakefield was the real estate advisor for Lucent on the sale.

As reported earlier by GlobeSt.com, Lucent will continue to occupy much of the facility for now, making the transaction essentially a sale-leaseback. But Lucent has been struggling, of course, and the deal apparently will give the company some options as far as moving out as it continues to restructure.

“We devised a plan to give Lucent the flexibility it needs to accommodate its corporate restructuring, while meeting the objectives of all parties involved,” confirms Steven J. Pozycki, chairman/CEO of SJP Properties. Indeed, according to reports, several major national real estate companies were in the hunt for the choice property, but are said to have lost out because they wanted Lucent to ink a long-term lease commitment.

And the transaction was accomplished with unusual speed. Explains Pozycki, “knowing that the timing was critical, we started negotiations, completed due diligence and closed the all-equity acquisition within 30 days.”

The deal continues Lucent’s restructuring of its real estate assets as it redefines its corporate structure. Earlier this year, the company had refinanced its corporate headquarters in nearby Murray Hill, NJ. The cash proceeds were said to be in the $300 million range.

And if the asset is indeed returned to the open market, it has plenty going for it. The 187-acre site has direct access to I-78, less than 30 miles from Manhattan. The woodsy, campus-style property has a state-of-the-art technology infrastructure including a complete Systimax cabling system, according to Pozycki.

Completed in 1996, Warren Corporate Center’s five buildings range up to 180,000 sf. Typical floor plates range between 39,000 and 44,000 sf. The property also includes extensive internal security systems and all structured parking.

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