Final site plans remain to be determined. However, the site is zoned for a combination of office and research space. The projected space will be made up of a combination of "several" three-story office and single-story flex buildings, according to Sheldon A. Gross, president and CEO of the company that bears his name. Development time frame and the cost of the project have not been released. "Since there is tremendous pent-up demand for new space in the region, we anticipate very strong tenant interest for Wall Business Center II."
The project is one of several new developments that have brightened the real estate picture, particularly on the office sector, in Monmouth County recently. Most notably, VOIP telephone service provider Vonage recently signed a full-building lease for the 360,000-sf 23 Main St. in Holmdel, a signing that accompanied Mack-Cali Realty Corp.'s concurrent acquisition of the building from a major financial institution.
Mack-Cali has been buying up a number of properties in the region in the past year or so. Also, Normandy Real Estate Partners recently acquired the 200,000-sf 90 Matawan Rd. in Old Bridge, and has launched an aggressive marketing campaign to fill up the building once intended to be the headquarters of a Conexant predecessor company.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
