The 385,000-square-foot property is owned by Eastman Cos., which also serves as on-site manager, and its partner, the Sagner Cos. According to a statement from Verizon, the facility, located at 290 W. Mt. Pleasant Ave., was previously occupied by Bellcore and most recently by Prudential.

Jeffrey J. Garibaldi, president of the Garibaldi Group, represented Eastman in the transaction. "It is quite remarkable that we have been able to lease such a large block of space and introduce a blue-chip tenant to the West Essex market in a tough economy for deal-making," he says. "What makes this deal so remarkable is that we have been able to complete one of the largest--if not the largest--lease transaction this year in an office market that has been dominated of late by smaller transactions and lower deal velocity."

In addition to Garibaldi, ownership was repped by Michael and Peter Schofel, managing partners at Eastman Cos., and Eric J. Maurer, director of leasing for Eastman Cos., in addition to David A. Kelso of the Sagner Cos. Wayne Kasbar and Adam Silver of Grubb and Ellis advised Verizon in the transaction.