The deal was reported by Patrick Murphy, executive director in charge of Insignia/ESG's New Jersey operations. Insignia/ESG's Jeffrey Babikian, senior managing director; Frank Lopriore, CCIM, managing director; and Walter Wolf, associate, represented the owner, Clarion Partners, in the deal. Fernando Murillo and Sean Lynch of Equis represented the copy-maker in the deal.
Xerox, which has already taken occupancy of the space, is utilizing the facility as a warehouse/distribution facility for its paper and ink products, Insignia/ESG notes. The 22 Hemion Road property, which totals approximately 892,000 sf, was originally built in 1976 for Western Electric. Lucent Technologies vacated the space about 18 months ago.
Based on Xerox's decision to lease space at 22 Hemion Rd., Insignia/ESG and Clarion Partners successfully obtained all the necessary approvals from New York State for the building to be subdivided including permits for the construction of a "demising" wall and the necessary build-out that created the separate unit for Xerox.
The building now has a remaining unit of 192,000 square feet, which is available and approved for tenant fit-out. The space will be ready for occupancy in early June 2002. In addition, the building can be expanded by another 200,000 sf through a build-to-suit on an adjacent 16.5 acres of land.
He adds that in the first quarter tenant interest in the remaining space has picked up. The property's 30-foot ceilings have proven quite attractive to a host of users, Lopriore says.
"We are very close to drawing leases," Lopriore notes and adds that Insignia/ESG is now in negotiations with a user that would occupy the remainder of the existing space at the building (approximately 192,000 sf) if the deal is finalized.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
