As reported by GlobeSt.com, theMorristown-based Hampshire picked up $27.7 million in financing inJuly to build the expansion and rehab the existing property. Thelatter currently houses the Chubb Institute, but will shortlybecome vacant.

"This renovation and addition is in direct response to marketdemands 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 primeoffice space in a top headquarters location."

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