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J&J Switches From Subtenant to Direct Lease

PISCATAWAY, NJ-Johnson & Health Care Systems has signed a long-term lease at Lincoln Equities' One Centennial Plaza here.

By Maria Wood | Updated on November 30, 2009

PISCATAWAY, NJ-Johnson & Johnson Health Care Systems has switched from sublessee to direct tenant at Lincoln Equities’ One Centennial Plaza here. The firm signed a long-term lease for 51,504 square feet at Building C of the complex.

According to Dan Ackerman, senior director of leasing at Lincoln Equities, J&J’s sublease was set to expire June 30, 2010 and it is staying in the same amount of footage as it did prior to signing the new lease. Colliers Houston & Co. advised the tenant in the deal.

J&J has been a subtenant in the building for several years, although Ackerman did not know the exact number. He tells GlobeSt.com that J&J had been subleasing the space from Great West Insurance.Ackerman declined to specify the financial structure of the lease, saying only that it was a “competitive transaction” within the marketplace. A fourth-quarter report from Marcus & Millichap Real Estate Investment Services pegs effective office rents in the Piscataway/South Plainfield submarket at $13.64 a square foot.

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