"After nearly 35 years in Bergen County, it's also great newsfor New Jersey that this Fortune 500 company will beremaining in the region," Geoffrey Schubert of CB Richard Ellis,Saddle Brook, NJ. Schubert, along with fellow CBRE SVPs James Tullyand Gerry Bridges, and Patrick Murphy, the firm's executivemanaging director for the tri-state suburban markets, put the dealtogether on behalf of I-R. CBRE's Kim Bertin and Roger Merrimanassisted in the project management efforts.

I-R's new executive HQ site is a 92,000-sf class A asset ownedby the New York-based TIAA-CREF, which was represented in thetransaction by the Fairfield, NJ office of Grubb & Ellis. Theremaining space within the building is currently occupied byAmerican Ref-Fuel Co., a waste-to-energy production company. Termsof the I-R transaction were not disclosed.

The move represents a downsizing of I-R's executive offices, atleast in terms of occupied space. The company recently sold its130,000-sf former HQ facility and 40 acres of land in neighboringWoodcliff Lake, NJ, to BMW North America. I-R had announced acouple of years ago that its Woodcliff Lake site was for sale,although at the time the company didn't rule out an alternativearrangement, such as a sale/leaseback.