Prudential had leased the building to Aetna about two years ago, after the insurer sold its healthcare unit to Aetna. The latter will vacate the building when its lease expires this September. Prudential will continue to own and occupy the other two buildings on the site.

Kevin Danehy and Dudley Ryan, senior vice presidents in the New York and Paramus, NJ offices of CB Richard Ellis, respectively, represented the seller in the transaction. Insignia/ESG, Saddle Brook, NJ negotiated for the new owner. Built by Prudential in 1982 for its own use, the building is said to have sold for just under $50 million.

"It's a deal that made sense for all of the parties involved," according to Ryan. "Prudential didn't need it for its own use any more, since selling its healthcare unit, and it isn't in the business of being a property owner. Organon is expanding and has pharmaceuticals in the Food and Drug Administration approval process, and needs the additional space. Because there were redundancies with its own healthcare unit when it brought Prudential's, Aetna can manage without the space."

Founded in the early 1920s, Organon USA now operates as a unit of the Pharmaceutical Division of Akzo Nobel, based in the Netherlands. The company is involved in hospital supplies, diagnostics, veterinary products, raw materials for the pharmaceutical industry, and a variety of nonprescription medications. It is especially known for its products in the women's health sector. Among its best-known brands is Remeron, used to treat depression.