CBRE Secures Full-Building Lease in Basking Ridge, N.J.
CBRE SECURES FULL-BUILDING LEASE IN BASKING RIDGE, N.J.
- CBRE Also Marketing Well-Located, Two-Story Property for Sale-
SADDLE BROOK, N.J. (May 25, 2012) – CBRE, New Jersey’s largest commercial real estate brokerage firm, announced today that Applied Communication Sciences has signed a full-building lease totaling 72,560 square feet at 150 Mt. Airy Road in Basking Ridge, N.J. CBRE has also been engaged to sell the property on behalf of the owner, Somerset Eagle Corp.
Applied Communication Sciences, an industry leader in research and advanced network solutions in the communications and information sector, is relocating from One Telcordia Drive in Piscataway, N.J. The company, which was represented by the CBRE team of Executive Vice President Joseph Sarno, Senior Vice President Jeremy Neuer and Vice President Robert Denney, intends to install numerous upgrades to suit its state-of-the-art research, consulting and engineering operations.
“The tenant chose this property because it’s a great fit for its technology-based business with high-speed communication and plenty of lab space,” said Sarno. “The infrastructure, location and numerous amenities make this a very desirable building in this market.”
The two-story, Class B building contains a mix of office, data, and technology lab space. Located at Exit 28 on Interstate 287, it is in close proximity to I-78, Routes 22 and 24 and has access to mass transit. CBRE Senior Vice Presidents Geoffrey Schubert and Samuel Buckley represented the owner in marketing the property for sale.
“This is a significant transaction and another sign that the local submarket is trending in a positive direction,” said Falcon Real Estate Investment Management Chief Operating Officer Scott Bennett. Falcon is the asset manager for the ownership group.
For Schubert, the assignment to sell the building brings him full circle. While working for Vantage Companies in the 1980s, Schubert was involved in constructing the building in 1985, before selling it to Somerset Eagle Corporation in 1987.
“We are really excited that CBRE has been chosen to represent the landlord in selling this Class A office building, and for me personally it’s a rewarding experience to be involved with the property again,” Schubert said. “Having intimate knowledge of not just the market but the specific building will help us best market this building and identify a qualified buyer.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our web site at www.cbre.com.
About Falcon Real Estate Investment Management, Ltd.
Falcon is a specialized real estate group that provides a full range of advisory and management services for international investors in U.S. real estate. Acting in a fiduciary capacity, Falcon’s experienced staff assists clients in acquiring new properties, managing existing properties, and arranging for appropriate mortgage financing and tax structuring. Please visit our website at www.falconreal.com.
About Applied Communication Sciences
Applied Communication Sciences delivers advanced research, consulting and engineering to enable government agencies, telecom carriers and commercial enterprises to fully exploit the future of communications and information technologies. Drawing on its Telcordia, Bellcore and Bell Labs heritage, Applied Communication Sciences excels at creating innovative technologies and services to solve the most difficult, complex information and communications problems. Learn more at www.appcomsci.com.