PARSIPPANY, NJ-Hampshire Cos. has picked up $27.7 million in financing to fuel its renovation and expansion of the office property at 8 Sylvan Way here. Plans call for a makeover of the soon-to-be-vacant existing 96,840-sf building and the addition of a second building on the 15-acre site within the Mack-Cali Business Park.
As reported by GlobeSt.com, the Morristown-based Hampshire bought the property two years ago on behalf of its Hampshire Partners Fund VI for $7.6 million, and the renovation/expansion effort began a year later. The three-story existing building, being vacated by the Chubb Institute next month, will undergo a $7-million renovation and repositioning.
Expansion plans call for a new 80,620-sf building connected to the original by an atrium. Slated for delivery on spec by mid-2008, the new building will bring total on-site office space to more than 177,000 sf. The site of the proposed building is currently in use as a parking lot.
The financing was arranged on behalf of Hampshire by Jon Mikula, senior managing director, and associate director Michael Klein of the Florham Park office of Holliday Fenoglio Fowler. The short-term construction/bridge loan was placed with Wachovia Bank.
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