The 15-year-old building, which has visibility on I-287, has an unusual footprint, according to Marks, including a combination of circular and rectangular portions. Tumi Inc., which makes luggage and related products, uses the circular section as its world headquarters. The building's rectangular component, which among other things houses a loan processing center for Commerce Bank and a regional office for Gannett Fleming Engineering, currently has two blocks of vacant space totaling more than 26,000 sf.
"The empty space is being redesigned as pre-built units from 3,000 to 10,000 sf," Marks explains. "To date, we have demolished about 90% of the existing walls and rooms, and we have launched construction of the first 3,500-sf unit. Each generic pre-built unit will include an executive office, two or three smaller offices, a conference room and a reception area, among other things.
"True pre-built is a concept that is often talked about but seldom implemented," Marks continues. "We expect this project to provide a benchmark of this model."
Design for the pre-built space is being done by the Morristown, NJ office of Gensler, the international architectural firm. Gensler also did the design for Tumi's headquarters space, which includes floating floors, open staircases and other unusual accents.
The overall repositioning of the asset also includes a renovation of the lobby and other common areas, according to Bob Gossett, Jr., general partner of Corporate Realty Income Fund. "We feel this is an aggressive approach to repositioning the available space and refreshing the building, and it has been very well received by the building's tenant base."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
