X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PARSIPPANY, NJ-The Hampshire Cos. has picked up final approval for an 80,620-sf addition to its 8 Sylvan Way office complex here. Added to the property’s existing three-story building, the expansion will bump the availability up to more than 175,000 sf. The new building will connect to the existing space via a two-story atrium.

As reported by GlobeSt.com, the Morristown-based Hampshire picked up $27.7 million in financing in July to build the expansion and rehab the existing property. The latter currently houses the Chubb Institute, but will shortly become vacant.

“This renovation and addition is in direct response to market demands for class A, headquarters-quality space in Morris County,” says Norman A. Feinstein, Hampshire’s executive managing director. “When it’s completed, we will be able to offer 175,000 sf of prime office space in a top headquarters location.”

Hampshire bought the property two years ago on behalf of its Hampshire Partners Fund VI for $7.6 million, and kicked off the renovation process in 2006, with the major overhaul at the 15-acre site actually beginning this summer. The new construction is slated for completion in April 2008, and Hampshire has tapped Robert Rudin of Cushman & Wakefield of NJ, East Rutherford, to find new tenants. Comparable space within the surrounding Mack-Cali Business Park is currently listed with asking rents generally in the $25- to $28-per-sf range.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.