Several national real estate companies were apparently in the hunt for the complex, but most are said to have wanted Lucent to sign a long-term lease commitment for the space. Given Lucent's massive restructuring--19,000 jobs cut in the first half of the year with another 20,000 to be cut--Lucent is likely in no mood for long-term leases.

While the deal with SJP Properties and Prudential is in fact a sale-leaseback, it provides Lucent with some options to move out, if necessary. According to SJP Properties' CEO, Stephen J. Pozycki, "we were successful in bidding for the property because we gave Lucent the flexibility they asked for in terms of managing the ongoing changes in their employee count."

The property totals five buildings on 170 acres of land just off of I-78 in Warren. Three of the buildings are 155,000 sf each, and the other two are 175,000 sf each, for a total building space of 815,000 sf, according to a spokesman for SJP Properties. Considering that the buildings are only five years old and the campus has a number of amenities and a prime location, the sale price of just over $200 per sf, while certainly not bargain-basement, is still considered to be a good value for the buyer, according to industry sources.