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PISCATAWAY, NJ-CB Richard Ellis has picked up an exclusive leasing assignment in the form of the 105,000-sf 242 Old New Brunswick Rd. here, also known as the Walton Building. For CBRE, senior associate John Goodwin is heading the assignment, which currently focuses on a 65,000-sf availability.

The building is owned by 242 Walton Partners LLC, a private investment group led by Summit, NJ-based businessman Birger Brinck-Lund. As reported by GlobeSt.com, 242 Walton Partners bought the building a year ago from a joint venture of Geometry Realty of New York, Bergman Real Estate of Iselin and Grand Realty Group of Summit for approximately $10 million, or about $100 per sf.

The new owner has since launched a renovation of the property that’s expected to be completed later this fall. That makeover involves general capital improvements to the common areas, a new café, new landscaping and a new main entrance. “Its amenities and location make this building the best value deal in the Piscataway marketplace,” Goodwin says.

The availability is the result of the relocation, in 2006, of the asset’s former major tenant, which had occupied 85,000 sf. As reported by GlobeSt.com, Qualcare, a healthcare management company, moved on to a larger space at Mack-Cali Realty’s nearby 30 Knightsbridge Rd., freeing up the Walton Building space.

Since Qualcare’s move, new leases with Kelly Scientific, Voncore, Atlantic School of Insurance and Benchmark Lending have reduced the availability to that 65,000-sf mark. Leasing options range from 60,000 sf down to 1,900 sf, and the space is currently listed with an asking price of $17.50 per sf.

The building has immediate access to I-287, as well as building signage visible from that route. Also, the building’s original 1982 master plan called for a twin building connecting to the Walton Building, and that zoning is still in place, including as-right zoning to facilitate the medical office segment of the market.

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