WCPT is planning to reposition the 150,000-sf building, situated on 15 acres adjacent to an I-287 interchange, as a high-tech office building. The company hopes to have approvals in place and begin construction by early next year.
The project is being modeled after WCPT's repositioning of the Morris Technology Center in Parsippany, NJ. That was fashioned from an abandoned facility and is currently fully leased.
Frank Gunsberg, executive director of Cushman & Wakefield of NJ, closed the deal for WCPT, which has subsequently appointed C&W as exclusive leasing agent for the redevelopment.
WCPT is a private REIT with a portfolio of 44 properties totaling 5.5 million sf of class A space, about half of it in NJ.
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