Cushman & Wakefield's Bill Brown, Heather Polhamus, JonWilliams and Josh Cohen are the exclusive leasing agents for theSpear Street Capital-owned asset. PHX was represented by LarryMartin of Grubb & Ellis. The terms were not released; the spacehad been listed with an asking price of $30 per sf.

Crossroads Business Center is located at the junction of Routes202/206 and Interstates 78 and 287, within walking distance ofBedminster's Pluckemin village. The lease also represents the firstsigning since the San Francisco-based Spear Street Capital acquiredthe class A property, its initial New Jersey asset, earlier thisyear.

Spear Street has a capital improvement project in the works forthe complex, which has Merrill Lynch, Peapack Gladstone Bank andPhilip Morris among its existing tenants. New tenant PHX providesintegrated, automated claim processing to healthcare payers,including insurance companies, HMOs and third-partyadministrators.