Although the firm declined to provide the rental rate, a fourth quarter office report from Marcus & Millichap Real Estate Investment Services places Morris Twp. rents at $24.28, with only a 1.7% decline in price since Q4 2008.

"After examining many options throughout Morris County during this very competitive site search process, the tenant decided to remain at 465 South," says Jeffrey A. Prezant, director, Cushman & Wakefield, Inc., who represented his long-time client in the transaction. "The ownership of the property has been very good to work with, and the competitive real estate market enabled us to complete a very compelling economic transaction."

Located less than 20 miles from the international port facilities of Newark and Elizabeth, the building is owned by Southgate Center Four LLC, an affiliate of the New York-based Zirinsky Family, and managed and leased by affiliated National Business Parks, Inc. The ownership was represented in-house in the transaction by Vincent Marano and Thomas Stange. "The ownership will be putting in some new base building work," adds Prezant.