More than two-thirds of that new leasing activity involves the extension of an existing lease and an expansion on the first floor of the four-story asset by Verizon Wireless to approximately 39,900 sf. The latter was represented by Joseph Sarno and Jeremy Neuer of Cushman & Wakefield, while Normandy was represented by Craig Eisenhardt, Robert Ryan and Geoffrey Schubert of CB Richard Ellis.
And Liberty Mutual Insurance Co. has signed a new lease for approximately 5,500 sf on the building's first floor. Robert Shulman and Maureen Young of Cresa Partners represented Liberty Mutual, and the CBRE trio again represented Normandy. Terms were not released; availabilities at the asset are currently listed with an asking price of $29.50 per sf.
"20 Independence Blvd. continues to attract and retain a prestigious tenant roster," says Normandy principal Ray Trevisan, in a statement. "Our strategy in significantly renovating the common areas at this building was intended to provide quality office space to existing and potential tenants."
Normandy launched those improvements in 2007, not long after acquiring the building from Hines. The building was originally developed for AT&T in the mid-1980s, and the late-2006 acquisition by Normandy was the second time the asset had traded in three years.
Besides 20 Independence Blvd., Normandy owns 228,000 sf of office space within the surrounding Somerset Hills Corporate Center, located just off I-78 in Somerset County.
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