GlobeSt.com

"We're putting the properties up for bid, subject to sealedbids, either for the individual assets or all three," MatthewSchnurr, SVP in Grubb & Ellis' Fairfield, NJ office, tellsGlobeSt.com. Schnurr and colleagues John Hoffman and MikeHarrington of the firm's capital markets group are taking theproperties to potential investors, and three of the firm's brokerson the user side are courting that audience.

The three buildings include the landmark 20-story, 450,000-sfheadquarters building at 540 Broad St. here. The second is 175 ParkAve. in Madison, a 210,000-sf facility currently used as aswitching center and for general offices, "but everyone looking atthe deal assumes it will be rehabbed to class A standards," Schnurrsays. The third is a 30,000-sf building at 1000 Cellar St. inScotch Plains, and while it sits on five acres, a small streammight preclude future expansion.