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MIDDLETOWN, NJ-A brokerage team from Cushman & Wakefield is leading the leasing effort for a 285,000-square-foot, class A office building here. Owned by an affiliate of Aegon USA Realty Advisors, the property was once home to Lucent Technologies.

Joseph J. Sarno, executive director in C&W’s Edison office, tells GlobeSt.com that Lucent has not physically occupied the building at 480 Red Hill Rd. for approximately six years, although its lease expired two years ago. While the six-story building was unoccupied, the landlord redid the lobbies and landscaping and gutted the interior to open up the floor plans. As a result, the property is suitable for both small and large users, Sarno says, with 47,500-square-foot floors ready for tenant build-out.

Sarno and his team, which includes Jeremy Neuer and Nick Cerulo, are marketing the property at an asking gross rental rate of $24.50 per square foot and tenant electric. “We are offering a very healthy concession package that includes a fairly substantial work letter,” Sarno details. “Ownership is very aware of the market conditions and is prepared to make a very attractive economic package for tenants.”

According to Sarno, several large users in the financial services sector have expressed interest in occupying more than 150,000 square feet in the building, which is located off Exit 114 of the Garden State Parkway.

In today’s economic environment, the fiscal strength of the landlord is just as important as the creditworthiness of the tenant, Sarno adds. “The ownership of this building is very financially sound, which is a big point nowadays,” he says. “It’s as important to understand the wherewithal of the landlord as it is for the landlord to understand the financial capabilities of the tenant. There have been a number of landlords that have not able to perform.”

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