Avaya Inc. has signed a long-term lease for more than 60,000 square feet at its former Somerset County headquarters a year after the telecom company sold the building to a pair of real estate firms.The joint venture, Rubenstein Partners LP and Onyx Equities, announced the lease at 211 Mount Airy Road in the Basking Ridge section of Bernards. The agreement comes after the firms struck an initial sale-leaseback deal with Avaya last year, which gave the company flexibility to search for a long-term solution.
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But the new owners then created a redevelopment plan to modernize the roughly 30-year-old office property, leading to the long-term, 61,676-square-foot deal, the firms said in a news release. The renovations will include replacing the existing skin with a “contemporary glass curtainwall system” that will bring more natural light into the building.
Rubenstein and Onyx, which are based in Philadelphia and Woodbridge, respectively, were represented by Newmark Grubb Knight Frank. The brokerage firm also represented Avaya.
“The property was Class A when built, but it really needed some strategic investment to maintain that status in today’s marketplace,” Stephen Card, Rubenstein’s regional director for the mid-Atlantic area, said in a prepared statement. “As we progressed through our plan to upgrade the aesthetics and amenities, Avaya expressed an interest in making a longer-term commitment.
“We’re extremely pleased with that outcome, given Avaya’s history at this location and its standing in the local business community. We feel we unlocked the hidden value of the asset, which is what we aim to do with every investment.”
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