For example, the 36,700-sf class A office building at 855 Lehigh Ave. is on target because it's already two-thirds preleased. Being developed by an affiliate of the locally based M&M Construction, it will house offices of the US General Services Administration. M&M also plans to relocate its headquarters to the new building.
M&M has picked up a $6.6-million construction loan brokered by Anthony Cuccia of Holliday Fenoglio Fowler LP's Florham Park office. The 30-month, adjustable-rate package came from Columbia Bank.
The two-acre site contains a light industrial building that will be razed to make room for the new building. "This project represents a good example of redevelopment through the reuse of an abandoned industrial site," Cuccia says.
And a bit to the west in Summit, an affiliate of New York City-based Greenock Capital is moving ahead with its Claremont Corporate Center at 535 Springfield Ave. The 42,200-sf project got a financial boost in August when its developer picked up a combination of construction and permanent financing adding up to $13.7 million.
Commerce Office Center, while rising on spec, is expected to address a lack of similar upscale space in the surrounding Summit/Union County marketplace. "It will dramatically change the face of the local corporate office market here," says Kevin Fitzgerald, project executive for the Cranbury-based Sweetwater Construction Corp.
The finished product will combine an existing 19th century building once occupied by prominent physician William H. Risk with two floors of new construction, designed by Wesketch Architecture of Millington. The space is currently listed with CB Richard Ellis with an asking price of $50 per sf and is divisible to 2,000 sf.
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