X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.