X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.”

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.