CBRE senior vice presidents Geoffrey Schubert and Sam Buckley are in charge of the marketing efforts for the building, which was constructed in 1984. Buckley tells GlobeSt.com that the four-story building had been previously occupied by Alcatel-Lucent, which vacated the building several years ago due to consolidation.
The property, however, is not being marketed as a sublease, Buckley says. Since there is just a short time remaining on the contract, Alcatel-Lucent and the landlord are angling to structure a new deal with an incoming tenant, he says. According to Buckley, Alcatel-Lucent is looking to buy out the remaining time on the lease.
Buckley says the asking rent for the space is $28.50, plus tenant electric. The property is suitable for a single tenant or can be divided for multiple users.
Because the building was custom-built for AT&T Labs, it contains some unique characteristics, such as more than 100,000 square feet of raised-floor area, heavy power capacity as well as good data and telecommunication connectivity, Buckley notes. He says the property is flexible enough to be used as a corporate headquarters, data center or a disaster recovery facility. CBRE is currently in talks with several large tenants from various industries. "It's probably the largest contiguous block of space in northern New Jersey," Buckley says.
According to a spokesperson for Hanover Real Estate Partners, the architectural firm Gensler has been hired to develop a master redevelopment plan for the property. "We will also renovate to suit a tenant's needs," the spokesperson adds. Located in Somerset County, the facility is accessible by Routes 287 and 78 as well as New Jersey Transit bus and rail service.
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