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Normandy Signs 46,000 SF of Leases

WARREN, NJ-Verizon Wireless expands to 32,500 sf, and Liberty Mutual enters the 120,000-sf building at 20 Independence Blvd. with a 13,000-sf lease.

By Eric Peterson | Updated on June 10, 2008

WARREN, NJ-Normandy Real Estate Partners has inked two lease deals totaling 45,500 sf at the 120,000-sf office building at 20 Independence Blvd. here. The Morristown-based Normandy has owned the building since late 2006 when it acquired the property on behalf of its Normandy Real Estate Fund LP from a Hines affiliate for an undisclosed price.

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.

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