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PISCATAWAY, NJ-IBM has renewed and expanded its lease by 26,000 sf, and will now occupy more than 78,350 sf at 1551 South Washington Ave. at Washington Plaza here. Washington Plaza is a 196,000-sf class A flex facility owned by Lincoln Equities Group, based in Rutherford, NJ. While terms of the lease were not disclosed, IBM’s expansion does bring the building to 100% occupancy, according to Joel Bergstein, executive VP for Lincoln Equities.

In the transaction, IBM was represented by J. Douglas Petrozzini of Grubb & Ellis, while Lincoln Equities was represented in-house by Robert Fisher and Susan Lulla.

Lincoln Equities currently operates a commercial portfolio of more than 2.25 million sf of class A office space and one million sf of industrial space. The company has recently been active in the marketplace, closing several major investment transactions with such institutional partners as Investcorp and Crow Holdings.

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