Parsippany, N.J. (PRWEB) August 26, 2007
The Hampshire Companies, a full service, private real estate investment fund manager with equity in assets valued at over $1.5 billion, has announced that it has received final approval to begin work on an 80,620-square-foot addition to its landmark 8 Sylvan Way property in Parsippany, N.J. The property is a part of Hampshire Partners Fund VI, Hampshire's $235 million institutional real estate investment fund.
Upon completion in April 2008, the newly constructed addition will be connected to the existing 96,460-square-foot building by a common atrium on the 15-acre site. Major renovations will begin on the existing building beginning late summer of 2007.
"8 Sylvan is a great building strategically located within Northern New Jersey's most prestigious corporate address," said Norman A. Feinstein, Executive Managing Director of The Hampshire Companies. "This major renovation and addition is in direct response to market demands for premier Class-A headquarters quality space in Morris County. When completed, we will be able to offer 175,000-square feet of prime office space in one of New Jersey's premier headquarters locations."
Currently, 8 Sylvan Way is a three-story office property 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 addition 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-added fund is on industrial, retail, and suburban office products 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.