Morristown, NJ (PRWEB) April 12, 2006
The Hampshire Companies, a full service, private real estate investment fund manager with equity in assets valued at over $1 billion, today announced that it will undertake a major renovation program at its landmark 8 Sylvan Way property in Parsippany, New Jersey. When completed, the property will take its place as one of the most attractive and well-appointed Class-A office buildings in this prestigious corporate neighborhood, suitable as a headquarters location or regional office for a Fortune 1000 company.
“When we acquired the property at 8 Sylvan Way late in 2005, we knew that the primary attribute of this property was its phenomenal location,” noted Norman Feinstein, Executive Vice President of The Hampshire Companies. “With merely some cosmetic changes, this building would be a winner for our investors. But Hampshire’s aspiration for this property focused on more than simply modernizing and upgrading the property’s appearances. We view this as one of the few remaining opportunities in Northern New Jersey for a corporation seeking approximately 100,000 square feet of premier, superbly located headquarters-quality space.”
To put its vision into action, Hampshire engaged the services of the prestigious New York City architectural firm HLW. HLW was given a goal of enhancing the value of the property in the market by making it attractive as a corporate headquarters location in a highly competitive submarket. Other recent projects undertaken by HLW include the Fox Broadcasting Company World Headquarters, Harborside Financial Center in Jersey City, New Jersey, and ABC-TV’s Good Morning America Times Square studio.
“This is a great building on a superb site within Northern New Jersey’s most prestigious corporate address,” commented Howard Leist, HLW’s architectural design director. “By renovating the building, improving interior finishes, upgrading systems, and bringing the exterior appearance of the property up to date, we will create the premier 100,000 square foot Class A offering in the market.”
According to Einbinder, the redesign of 8 Sylvan Way will organize the project around a glazed atrium that serves both as a grand entry and as a great window onto the park-like landscape. Granite clad walls will flank the atrium, richly unifying old and new while creating an elegant threshold into the tenant spaces. The floorplates themselves already accommodate tenant’s needs with enormous flexibility. While vertical circulation is centralized with elevators serving the floors from the atrium, services are distributed with toilets, mechanical, and electric equipment conveniently and efficiently located.
The new exterior wall will be a combination of stone, metal and glass. The aluminum and glass mullion system will, in select areas, span floor to ceiling. Additionally, it will incorporate insulated, thermally efficient glazing utilizing state of the art Low –E coatings to filter sunlight while keeping the glass clear. The materials are composed so as to create a unified complex with granite creating a focus on the atrium. This focused composition serves to create a landmark on Sylvan Way as well as a clear point of destination from the parking.
Hampshire’s Feinstein adds that the 8 Sylvan Way property, which sits on 15 beautifully landscaped acres in a true campus setting, can also accommodate additional expansion. “We believe that the ability to expand the building, either immediately or over time, adds substantial additional value to this offering.”
8 Sylvan Way is a 3-story office property strategically and conveniently located just off of Interstate 287, two miles south of I-80, and bordered by US Route 202 and NJ Route 10. The building is presently the home of The Chubb Institute, but will soon become vacant, allowing this major renovation and modernization to take place.
The exclusive leasing agent for 8 Sylvan Way is Robert Rudin of Cushman & Wakefield of New Jersey, Inc.
Hampshire Partners Fund VI is a commingled, discretionary value-added real estate investment fund managed by Hampshire. The goal of Hampshire Partners Fund VI is to deliver superior, above-market returns to its investors through the acquisition, repositioning and operation of investment-grade properties. The focus of investment for this value-add fund is on industrial, retail and suburban office product located in the growth corridors of the Northeast and Mid-Atlantic. The Fund is currently very active in seeking additional acquisitions throughout its targeted markets.
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.
Leasing information on 8 Sylvan Way can be obtained by calling Robert Rudin in Cushman & Wakefield’s East Rutherford, NJ office at (201) 508-5288.
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