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MAHWAH, NJ-Liberty Travel is vacating the 108,000-square-foot office/flex building at 440 Franklin Turnpike here, as part of a reorganization of its operational space in Northern New Jersey. The travel agency operator has hired NAI James E. Hanson of Hackensack to market the space on a sublease basis.

For Hanson, Kenneth D. Lundberg, senior vice president, and Scott K. Perkins, managing director of corporate services, are leading the leasing effort. The property is owned by the Woodbridge-based private real estate investment and property management firm Onyx Equities, which also has Liberty Travel as a tenant at eight other office and agency locations besides 440 Franklin.

According to Perkins, Liberty’s move isn’t the result of downsizing. “Liberty’s main building is in Ramsey, and the travel agency has been re-working different functions throughout their facilities, which eventually freed up enough square feet and allowed for the sublease,” he says.

“With a long-term sublease offering available through 2017, the space available can be delivered as an entire unit or divided into smaller units,” says Perkins. “The Northwest Bergen industrial submarket is currently seeing an increase in class B tenancy rates. Due to the current dislocation in the class A office market, competitive rates are being offered in the class B market to entice companies who may have originally been in the market for class A space.”

Built in 1967 and recently renovated, 440 Franklin is a freestanding, single-story flex/office facility currently being used by Liberty for an assortment of functions such as data center operations, a support and training facility, print shop, warehousing and back-office operations, including a computer room with raised floors. Asking rent is listed as “negotiable” in a $7.50 to $11.50 per square foot range.

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