BLOOMFIELD, NJ-The Hampshire Cos. has picked up a $32.2-million interim bridge loan for the redevelopment of Parkway Technical Center, a four-building office complex at 1515 Broad St. here. The Morristown-based Hampshire's plans for the complex include an enclosed bridge between two of the buildings, interior and exterior rehabs, relocating the cafeteria and adding a fitness center.
The four buildings total just more than 280,000 sf, with about 60% of that space occupied by ABB Lummus Global Inc. The Zurich-based petroleum and petrochemical concern uses the space as its US headquarters and to house its US technical division.
The funding was provided by Wachovia Bank in a transaction arranged by senior managing director Jon Mikula and senior real estate analyst Michael Klein of the Florham Park office of Holliday Fenoglio Fowler. The three-year adjustable rate loan has two single-year extension options.
"The Essex County Office market is the fourth largest in Northern New Jersey and currently has the lowest vacancy rates," Mikula says. "Post-renovation, the property should attract significant interest from tenants seeking class A office space."
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