Cushman & Wakefield.

Subleasing continues to play an important role in office availability in northern and central New Jersey according to Cushman & Wakefield's Jason Imperial of Cedar Grove, NJ, and Leonard T. Miller Jr. of Ridgewood, NJ. Currently, more than 3 million square feet in office sublease availabilities exist in the region, representing 19 percent of the overall 10.9 percent vacancy rate at the end of the fourth quarter of 1999. Last year at this time, the sublease vacancy rate was just 15 percent.

The Cushman & Wakefield of New Jersey, Inc. team of Miller, Imperial and Marc Graham in East Rutherford is currently handling three sublease assignments, including 36,450 square feet for Alpharma in Fort Lee, as well as two MCI/ WorldCom locations in Hackensack and Woodbridge totaling 32,500 square feet.

"The availabilities illustrate a common scenario created by the dynamics of major corporate players within today's healthy economy, which in turn results in opportunities for users to lease prime space, generally at lower rents," Imperial noted.

Alpharma, a multinational pharmaceutical company which has been located at Fort Lee Executive Park for more than a decade, develops, manufactures and markets specialty human pharmaceutical and animal health products. With more than $800 million in annual worldwide revenues, Alpharma is rapidly expanding both its United States and international operations.

Situated on Route 4 West, just minutes from the George Washington Bridge, Fort Lee Executive Park has long been known as one of the region's most prestigious corporate addresses. With a recently reduced "as is" asking rental of $21.50 per square foot, the sublet is available long-term, with an inheritable renewal option which is significantly less than current asking rental rates for Class A direct space in Bergen County, which average $28 per square foot. Imperial, Miller and Graham are also working to identify a new, larger location for Alpharma's operations. The firm is seeking from 50,000 to 60,000 square feet of Class A corporate space in the northern New Jersey/southern New York market.

MCI's sublet opportunities include 20,390 square feet at Metro Corporate Campus, 99 Wood Avenue South in Woodbridge, NJ. Available on a five-year term, the space is being offered at $30 per square foot. In addition, the team has been appointed by the global telecommunications leader to market a 12,271 square-foot space at Court Plaza North at 26 Main Street in Hackensack, NJ. Currently, 8,690 square feet remains available on a five-year term at the Bergen County property, offered at $26 per square foot.