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Construction Advances for Office Projects

UNION, NJ-Yes, Virginia, there is new office construction. A pair of smallish class A office buildings are moving ahead, market conditions notwithstanding.

By Eric Peterson | Updated on September 26, 2008

UNION, NJ-Various reads on the New Jersey market don’t necessarily paint a good picture, but certain projects are advancing in the construction phase nonetheless. And they have very good reasons for proceeding.

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.

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