The building will stand on a 3.3-acre parcel at Palmyra Avenue and Main Street. Plans call for two, 40,000-sf buildings and a two-story parking structure. Slated for a June 2002 completion, the complex is nearly 90% pre-leased.
The developers, Independent Development Co. and private investor David Valentine, have secured a $14.8 million construction loan from Venture West Funding Inc. to fund the project.
The East Orange office market has experienced positive net absorption of 6,415 sf over the past three quarters, according to a recent report by Cushman & Wakefield. The overall vacancy rate stands at a mere 3.7%, the C&W report says.
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