"The owners of the building were able to ensure a smoothtransition for Apex for this expanded space," says Richard Danesi,SVP at CB Richard Ellis in Saddle Brook, NJ. As reported byGlobeSt.com,CBRE picked up the exclusive leasing assignment for the propertyfrom owners Praedium Group and Lincoln Property Co. earlier thisyear.
Praedium and Lincoln Property bought the building in late 2005from Hartz Mountain Industries for a reported $11.9 million, orabout $93 per sf. The new owners subsequently launched a capitalimprovement program, since completed, that upgraded the buildingfrom a class B to class A.
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