Morristown, NJ (PRWEB) March 7, 2006
The Hampshire Companies, a full service, private real estate investment fund manager with equity in assets valued at over $1 billion, announced that PNC Bank has signed a 10-year lease extension for 43,634 square feet of office and support space at its 173,250 SF landmark “Class A” One Garret Mountain Plaza building in West Paterson New Jersey.
The high-visibility One Garret Mountain Plaza property overlooks I-80 at Exit 56, at the foot of the Garret Mountain Reservation. It is conveniently located in Passaic County, with easy access to the Garden State Parkway and the New Jersey Turnpike. PNC Bank along with North Jersey Media Group, publishers of both The Record and the New Jersey Herald News are the lead tenants in this building.
As part of the transaction with PNC Bank, The Hampshire Companies will be undertaking several major upgrades both to PNC Bank’s 43,634 square foot space as well as to common areas. Upgrades to the property will include renovation of bathroom facilities, redesigning of the lobby area and common hallways to include new flooring, lighting fixtures, improved building signage and renovations to the on-site café.
David Simson, President of GVA Williams New Jersey, exclusively represented PNC Bank in this transaction. The building is an integral investment in The Hampshire Generational Fund, LLC, one of the firm’s private equity real estate investment funds.
“PNC Bank and The Hampshire Companies have developed an exceptionally strong working relationship, and PNC Bank looks forward to continued success in the building,” stated Norman Feinstein, Executive Vice President of The Hampshire Companies. “PNC Bank has been a valued tenant for many years, and we are proud to have the opportunity to continue this mutually rewarding association. This lease extension and the planned building upgrades demonstrate our commitment to providing best-in-class office space for our tenants.”
The Hampshire Generational Fund, LLC, is a commingled, discretionary real estate investment fund. The goal of the Fund is to deliver superior, above-market returns to its investors through the acquisition and operation of industrial, retail, and office properties as well as an investor in other real estate funds.
The Hampshire Companies is a full-service, private real estate investment fund manager based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments in order to consistently outperform the market. Additional information on The Hampshire Companies and its funds is available online at http://www.hampshireco.com.