As reported by GlobeSt.com, the Morristown-based Hampshire picked up $27.7 million in financing in July to build the expansion and rehab the existing property. The latter currently houses the Chubb Institute, but will shortly become vacant.

"This renovation and addition is in direct response to market demands for class A, headquarters-quality space in Morris County," says Norman A. Feinstein, Hampshire's executive managing director. "When it's completed, we will be able to offer 175,000 sf of prime office space in a top headquarters location."

Hampshire bought the property two years ago on behalf of its Hampshire Partners Fund VI for $7.6 million, and kicked off the renovation process in 2006, with the major overhaul at the 15-acre site actually beginning this summer. The new construction is slated for completion in April 2008, and Hampshire has tapped Robert Rudin of Cushman & Wakefield of NJ, East Rutherford, to find new tenants. Comparable space within the surrounding Mack-Cali Business Park is currently listed with asking rents generally in the $25- to $28-per-sf range.