The Gale Real Estate Services Company, a subsidiary of Mack-Cali Realty Corporation (NYSE: CLI), has announced plans for a new spec office building to be developed in The Center of Morris County campus in Parsippany, N.J. One Jefferson Road will consist of a three-story Class-A office building encompassing 100,000 square feet of headquarters-quality space. The spec office building will commence construction in August 2007, and be ready for tenant occupancy in the third quarter of 2008.
One Jefferson Road follows the successful 100 Kimball Drive development, where Gale recently announced a long-term lease with Deloitte & Touche USA for 160,000 square feet. When the development of 100 Kimball Drive was delivered in April 2007, the 175,000 square-foot building was the first spec office building developed in Morris County in several years.
The Gale Real Estate Services Company is managing and leasing One Jefferson Road on behalf of the ownership group, which is comprised of a joint venture partnership with a commingled fund advised by JP Morgan Investment Management, The Hampshire Companies and Mack-Cali Realty Corporation. The Gale Construction Company, LLC, will construct the building on behalf of the ownership.
The architectural firm Rotwein & Blake of Livingston, N.J., designed One Jefferson Road. The distinctive granite and smoked glass building offers tenants the high-end image suitable for a headquarters location with such details as mahogany accents and polished granite flooring in the building’s lobby. The spec building also includes 45’ x 30’ column spacing; flexible fiber optic connectivity for voice, data, video and high-speed Internet transmissions; and a dedicated telecommunications room on each floor. The building will offer 385 parking spaces, both underground and surface. The Sheraton Parsippany Hotel, a 383-room full service hotel, and the 140-unit Sierra Suites are adjacent to the campus, and a vast selection of restaurants and shops are nearby on Route 46.
The 90-acre, four-building Center of Morris County campus, developed and managed by the Gale Real Estate Services Company, is one of the region’s most successful office parks. In addition to Deloitte & Touche, other notable tenants at the campus include State Farm Insurance, Novartis Consumer Healthcare, and Kelly Drye and Warren. Located at the intersection of Interstates 80 and 287, One Jefferson Road offers easy access to points throughout Northern and Central New Jersey, including Newark Liberty International Airport, as well as New York City.
By Mel Fabrikant, ParamusPost.com
