Despite the general statewide office market malaise, Michael S. Dalton, managing partner for Dalton Properties, says that the Monmouth County market, especially Manalapan, "has a significant appetite for this project. Office availabilities in the immediate area are extremely tight, especially for class A product."

"It is an institutional-caliber office building," adds Joseph Sarno of Cushman & Wakefield of New Jersey, which has just gotten the marketing assignment for the asset. Sarno and David Zwang of C&W's Central New Jersey office in Iselin are heading up the assignment. "The quality of the accommodations is a cut above the typical space in Central New Jersey, and we have a great deal of confidence in this project," Sarno says.

"We are targeting law offices, financial services providers and other high-end space users," continues Sarno, who notes that the building is slated for delivery early next year. "Already, we're seeing active interest from area tenants looking for brand-new, custom-finished space."