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Raritan Plaza I.

A complex series of sub-leases and buyouts has enabled Prudential, which has moved into its own quarters in Metro Park, to get out from under 130,000 square feet of unneeded space at Raritan Plaza I in Edison, N.J.

The Paramus-based CB Richard Ellis brokerage team of Thomas Reilly and Jason Fray represented Prudential as it sublet 64,000 SF to Merrill Lynch & Co. Reilly and Fray then arranged for Prudential to buy out of the remaining 66,000 square feet of its lease by identifying three tenants who would lease the space directly from the property owner, Summit Associates.

Prudential, which had three years remaining on its lease at the nine-story, Class A office tower, was paying more than $23 per square foot for the top four floors of the building. By sub-leasing from Prudential, Merrill Lynch was able to acquire needed space at below-market rates, while still getting the insurance giant out from under the lease, Reilly said. Jeremy Neuer of Grubb & Ellis represented Merrill Lynch in the sub-lease.

The three tenants that Reilly, Fray, and senior vice presidents Geoffrey Schubert and Ed DaCosta identified for the remaining space were Stop 'N' Shop, which took 32,000 SF for its corporate headquarters; Heartland Securities, a brokerage that took 15,000 SF for its trading floor; and Sphera Optical Networks, a bandwidth supplier that needed 15,000 SF for its corporate headquarters.
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Article Details
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jan 3, 2001
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