AG Real Estate signs $41M telecom lease in NJ.AG Real Estate Funds (AG), the real estate investment arm of money manager Angelo, Gordon & Co., together with its partners Belvedere Capital and Young Woo & Associates, have leased the 241,000 square-foot telecommunications facility In telecommunication, the term facility has the following meanings: 1. A fixed, mobile, or transportable structure, including (a) all installed electrical and electronic wiring, cabling, and equipment and (b) all supporting structures, such as utility, ground network, at 1360 Federal Boulevard in Cartaret, New Jersey, to GTE GTE General Telephone & Electronics GTE Génie Thermique et Énergie (French) GTE Gas Turbine Engine GTE Global Tropospheric Experiment GTE Geothermal Energy GTE Gas Turbine Efficiency plc (Sweden & USA) Corp. The lease calls for payments totaling $41 million over its 10-year term. AG Real Estate Funds and the two partners, also based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , purchased the property vacant from, a local investor in January of this year. Cushman & Wakefield acted as broker in both the purchase and lease transactions. Formerly, the property was used as a warehouse by The Wiz. The purchase terms weren't disclosed. GTE is upgrading the space for use as a telecommunications center A facility, normally serving more than one organization or terminal, responsible for transmission, receipt, acceptance, processing, and distribution of incoming and outgoing messages. . |
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