Internet, a Lucent Technologies spin-off that produces optical products for the web, has signed on as anchor tenant for 25,896 sf of space at 1030 Broad St. here. The aggregate value of the six-year lease is more than $3.5 million, according to one source. The space will be used for a combination of office and research and development functions.
James Schroeder and Thomas V. Giannone of Studley represented the tenant while C&W spoke for National Realty, the owner of the 52,452-sf building. Jerry Richter was the broker. The challenge to closing the deal was that class A availabilities throughout Monmouth County hover around 1.5%, according to Studley statistics. "The extremely tight Monmouth submarket and lack of large blocks of space made this a very challenging assignment," says Schroeder. Area rental rates are pegged at $21.03 per foot.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
