The Morristown-based Hampshire was represented in the signing by David Simson, president, SVP Bryn Cinque and VP Jim Bailey of GVA Williams New Jersey, based in Parsippany. LGC Innovation was represented by sales associate William Brown of Cushman & Wakefield. Terms were not released; the space had been listed with an asking price of $24.50 per sf plus tenant electric, and the building's first floor remains listed with those terms.
"Fifteen Vreeland Rd. recently underwent a state-of-the-art capital improvement program, which included significantly renovated common areas," Simson says. "That made this facility an ideal location for LGC Innovation's operations."
As reported by GlobeSt.com, Hampshire completed that major renovation program in late summer, paving the way for tenant occupancy. "The renovation allows us to better meet market demands, as well as our investors' needs," says Norman Feinstein, Hampshire's executive managing director.
Hampshire bought the asset in early 2006 on behalf of its Hampshire Partners Fund VI. The seller was the Boston-based Glenborough Properties, and the sale price was not released. Situated on 15 acres near routes 24 and 10 and Interstates 280 and 287, the asset was originally constructed in 1985 and at one time housed a division of AT&T before falling vacant.
Alcatel-Lucent, of course, made news in recent days with reports that its deal to sell the former Bell Labs site in Holmdel had fallen through. Preferred Real Estate Investments had previously agreed to buy the two million-sf complex on 472 acres for a number in the $200-million to $250-million range, but the sale did not close by a self-imposed deadline, and the purchase agreement has been terminated.
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