For example, the 36,700-sf class A office building at 855 LehighAve. is on target because it's already two-thirds preleased. Beingdeveloped by an affiliate of the locally based M&MConstruction, it will house offices of the US General ServicesAdministration. M&M also plans to relocate its headquarters tothe new building.

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M&M has picked up a $6.6-million construction loan brokeredby Anthony Cuccia of Holliday Fenoglio Fowler LP's Florham Parkoffice. The 30-month, adjustable-rate package came from ColumbiaBank.

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The two-acre site contains a light industrial building that willbe razed to make room for the new building. "This projectrepresents a good example of redevelopment through the reuse of anabandoned industrial site," Cuccia says.

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And a bit to the west in Summit, an affiliate of New YorkCity-based Greenock Capital is moving ahead with its ClaremontCorporate Center at 535 Springfield Ave. The 42,200-sf project gota financial boost in August when its developer picked up acombination of construction and permanent financing adding up to$13.7million.

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Commerce Office Center, while rising on spec, is expected toaddress a lack of similar upscale space in the surroundingSummit/Union County marketplace. "It will dramatically change theface of the local corporate office market here," says KevinFitzgerald, project executive for the Cranbury-based SweetwaterConstruction Corp.

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The finished product will combine an existing 19th centurybuilding once occupied by prominent physician William H. Risk withtwo floors of new construction, designed by Wesketch Architectureof Millington. The space is currently listed with CB Richard Elliswith an asking price of $50 per sf and is divisible to 2,000sf.

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