Those renovations will include new main entrances and enhanced entry points, as well as a new 105-seat cafeteria, new food kiosks, common area renovations and an upgraded executive parking garage. The makeover is expected to be completed by late summer; the price tag hasn't been released. Existing features include two full-height atriums, a dual power feed and back-up power to a portion of the building.
"Our strategy when we acquired this property from AT&T was to be able to accommodate multiple corporate users in a centralized Morris County location," Hersh says. "These renovations will allow us to accomplish that objective."
As reported by GlobeSt.com, Kemble Plaza II, located at 412 Mt. Kemble Rd., re-entered Mack-Cali's portfolio in 2004 as part of a 13-building transaction with AT&T involving a complicated series of sale-leasebacks. Mack-Cali had sold the three-story asset to AT&T in 2000, and as part of the re-acquisition signed a one-year leaseback agreement with the telecom giant.
AT&T vacated the building for good in late 2005, and as reported by GlobeSt.com, Mack-Cali got a jump-start on the lease-up in late 2006 when it signed engineering firm Louis Berger Group Inc. to 108,332 sf for a 20-year term in a deal marking a headquarters relocation/consolidation for that firm. Mack-Cali has since additionally signed up Fairfax Information Technology Systems for 27,339 sf for a five-year term.
The approximately 311,000 sf of rentable space currently available in the building is listed on Mack-Cali's website with an asking price of $24 to $25.50 per sf, in units of 7,600 sf to 53,600 sf. Dan Ackerman and Jane Greenblatt are the in-house leasing reps for the property.
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