Legg Mason Real Estate Services' (LMRES).

Martin Klebanoff, senior vice president and regional manager of Legg Mason Real Estate Services' (LMRES) Northern New Jersey regional office, arranged a $19.5 million first mortgage loan for 9 Entin Road, a 195,000 square-foot office building located in Parsippany, NJ. Major tenants in the building are Emerson Radio, ADP, and American International Underwriters. Financing was based on an 8-year term with a 25-year amortization.

According to Klebanoff, "This particular transaction points to the recognizable strengths of the Northern New Jersey office market and the wherewithal of the ownership, Hartz Mountain Industries (Hartz). Hartz continued to maintain this building, believing in its location, even as the Parsippany market suffered 30 percent vacancy factors during the early to mid 90's. Hartz secured a long-term lease for 75,000 square feet of space with American inter-national Underwriters (AJU) an investment grade tenant, which starts paying rent in December, 1999. Our correspondent lender, Allstate Life Insurance Company, recognizing Hartz's investment and the new lease value in the building, funded the loan prior to AIU's occupancy based on the time when the rent would commence."

Klebanoff continued, "Allstate also recognized Hartz's significant investment in this asset for the new leasing as well as the construction of a connector roadway to the Mack Call Parsippany Campus, giving the property excellent access from Rt. 287, Rt. 10 and 1-80. Allstate and Hartz are to be commended for continuing to acknowledge the strong value in the Morris County office market."