Corrections or additions?

This article by Barbara Fox was prepared for the March 27, 2002

edition of

U.S. 1 Newspaper. All rights reserved.

On the Move

Fleet Bank has decided to sublet 50,000 square feet

in the Carnegie Center building, the one that fronts on Route 1, the

one that had been United Jersey Bank’s pride and joy. It is also

subleasing

68,000 square feet another building at the Carnegie Center. The lease

for 502 Carnegie was signed just before Fleet’s merger with Summit

Bank, and almost eight years remain on the lease. Summit’s 100,000

square-foot operations center at 335 Ridge Road in Dayton is also

empty.

Insignia/ESG & Buschman Partners, which is representing Fleet, will

hold an open house at Carnegie 301 on Wednesday, April 10, from 4:30

to

6:30 p.m. The Ridge Road property will have an open house on

Wednesday,

April 17, from noon to 2 p.m.

"The velocity and tempo of calls, showings, and inspections, and

seeming interest — there is enough activity to lead us to believe

that things are getting better and confidence is coming back,"

says John Buschman. "Decisions will get made. People are

reexamining

disaster plans."

Fleet will reportedly retain the fourth floor of 301 Carnegie Center

at least as long as T. Joseph Semrod maintains his offices there,

and the first floor on both sides of the building is being occupied

with bank operations, a fitness room, and the cafeteria.

Much of the bank’s space is being leased with furniture in place.

At 502 Carnegie Center, the Buschman group has leased 25,000 square

feet to the Gallup Poll, which will reportedly expand from 20,000

square feet on Hulfish Street and install a small on-site television

studio. Doug Petrozzini of Grubb & Ellis represented the tenant.

Morgan Lewis & Bockius took an additional

10,000 square feet at 502.

The Carnegie spaces are subleasing for just under market rates,

Buschman

says, about $30, and come with the possibility of thrifty furniture

buys. Subleases on Ridge Road will go for about $10.

"A healthy sign for Princeton is not much discount on the

sublease.

in the old days you were happy to get 50 cents on the dollar. now

it is 90 percent plus, because the direct market is holding up,"

says Buschman. "The landlords are in very good shape."