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PARSIPPANY, NJ-The foundations have been done and the steel up since the early 1980s, and the new owner of the former Oak Lake Plaza development site is finally doing something about the landmark known locally as “the eyesore of Morris County.” The project was started in the early 1980s by a partnership of local developer William Foody and the Trammell Crow Co. The foundations were done and the steel erected for the first of two buildings, but the project never went any further for a variety of reasons, until now. The cost of the project hasn’t been released.

“We intend to maintain ‘landmark’ status for the property,” says Andrew Billing, general manager of Commercial Realty Group of Morris Plains, the new owner/developer of the site that has now been renamed InterPark Office Campus. “But now, it’s in the best sense of the term.”

Billing says of the 13.5-acre site that “for more than 10 years we’ve sought to acquire this location at the intersection of Interstates 80 and 287. The original developers’ beautifully executed site plan will be further enhanced by our redesign of the original buildings into a class A office campus.”

Working the project on spec, CRG has begun completion of the existing steel skeleton of the 76,000-sf, four-story 1725 Route 46. Current plans call for a second, five-story, 109,000-sf building labeled 1715 Route 46 to build out the InterPark Office Campus to 185,000 sf. Work on the second building will start “when the first building is 60% leased,” Billing says.

The two-building campus will offer up floorplates of approximately 19,000 sf. The complex will have on-site food service, a fitness center and footbridge access to the adjacent Veterans Memorial Park. InterPark is also being designed to the LEED Silver Standard, described by CRG officials as New Jersey’s first spec office development so designed. Asking rents haven’t been posted yet, but existing comparable buildings nearby are generally listed with availabilities in the $22 per sf range.

And for the right size tenant, naming rights could be part of the package. “Both buildings front directly on I-80,” says CRG partner James Jones. “A tenant leasing 50% or more of either building will obtain naming rights and recognition by the passengers in more than 121,000 vehicles per day.”

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