PEAPACK, NJ-Jeffrey Dunne, Kevin Welsh and Christopher Leonard of CB Richard Ellis' New York Institutional Group teamed with Bill Moylan of the CBRE Boston office to represent the seller in the $23-million sale of the leasehold interest in 100 Rt. 206 N. here. The seller was Hamilton Associates Limited Partnership and the purchaser was Pharmacia & Upjohn Company LLC, an entity controlled by Pfizer, Inc.

The assets are located approximately three miles north of Exit 22 of Interstate 287 and encompass 10 office buildings--totaling 518,000 square feet--interconnected by above ground and underground walkways. The buildings, which are situated within a 70-acre campus setting, were constructed in 1982 as a campus for Beneficial Management, then a national finance company.

Beneficial did a sale-leaseback in 1982 and subsequently sublet the entire campus to Pharmacia & Upjohn. Pfizer, through its acquisition of Pharmacia & Upjohn, currently occupies the buildings and will consolidate various operations into the property from throughout the region. Pfizer is also the owner of the fee interest.