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Sudler Markets 500,000-SF Office for Less

CRANBURY, NJ-By reducing its rental price, the family-owned real estate firm hopes to lure businesses to the state.

By Alyson Grala | Updated on February 13, 2009

CRANBURY, NJ-The Sudler Cos. is shopping around a 500,000-square-foot class A office building for $4.95 per square foot. Located here at One Continental Dr., the building sits within the Parsippany-based Sudler’s 237 master-planned Corporate Park Cranbury.

CB Richard Ellis’ first vice president Daniel Casey and Jeffrey Hipschman, senior managing director, have been named the exclusive leasing agents for this property.

Sudler first began marketing the building last April for around $20 per square foot, before dropping the price into the teens. “Former tenant Aetna was offering the building for sublease at market, which at that time was between $18.50 and $21 per square foot,” explains Sudler’s executive vice president of real estate operations and development Steven C. Spinweber. “We began marketing the building for the same price, but then pulled it down to between $13.50 and $16.50 net.” Spinweber tells GlobeSt.com that it had always been the company’s intention to provide a very aggressive deal.

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