WARREN, NJ-Lucent Technologies has signed a letter of intent to sell its five-building complex here for an estimated $165 million. The buyer-to-be is Parsippany, NJ-based SJP Properties, currently one of New Jersey’s most active commercial real estate owner/developers. Neither buyer nor seller would provide further details of the deal, pending its completion, although Prudential is said to be involved on the financing end.

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.”

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