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MADISON, NJ-The Morristown-based Hampshire Cos. has started renovations and broken ground for a new addition at the Madison Professional Center located at 345 Main St. here.

As part of the renovation, Hampshire has taken the existing 13,110-square-foot building down to its steel and will add 6,582 square feet, bringing the building to 19,692 square feet.

Upon completion in June 2010, the two-story professional center will feature a variety of amenities including a revamped lobby and a new elevator. The building will be suitable for single or multi-tenant users. The company declined to release the project cost. According to Cushman & Wakefield figures, office space in Morris County is running around $30.

The building is located in the suburban area between Madison and Chatham, near Morristown Memorial Hospital, making it ideal for medical office users. “There has been a growing demand for medical office space that meets the needs of today’s physicians,” says Todd Anderson, a principal at the Hampshire Cos., which acquired the building in late 2007 for an undisclosed amount.

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