"Our decision to initiate this project on speculation reflects our optimism in the New Jersey office market and the overall economy here," says Mark Yeager, president of the Florham Park-based Gale Co. He says he expects to see strong demand based in part on the lack of class A space.
The building, of granite and smoked glass, is expected to be ready by late next year. Located at the intersection of Interstates 80 and 287, it will have a vehicle parking capacity of nearly 670 cars, both underground and surface. The cost of the five-story project has not been released.
The new asset is the latest phase of Gale's ongoing development of the Center of Morris County, and will boost the campus' total office space to some 750,000 sf. Phase I, completed four years ago, consisted of two class A buildings totaling 757,000 sf.
The larger of the two initial buildings is the 400,000-sf 300 Kimball Dr., which was built for and completely occupied by State Farm Insurance. The second is the 175,000-sf 200 Kimball Dr., which shortly after completion was leased by Novartis Consumer Healthcare and the law firm of Kelley Drye and Warren.
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