And CRG has hired Cushman & Wakefield to find tenants for InterPark. Josh Cohen, Marc Rosenberg, Bill Brown and Katie Kennedy, all of the firm's Morristown office, are handling the assignment. Asking rents haven't been listed as yet, although comparable space in the immediate market area generally commands per sf prices in the $22- to $25-range.
"The flexibility of this property allows us to target tenants that range from small, entrepreneurial types to major companies," says Cohen, noting the four-story building's nearly 20,000-sf floorplates and half-dozen corner offices per floor. "It's a great opportunity for a company to get into new construction. CRG will build interiors out to suit individual tenants' needs, with units available from 4,500 sf."
CRG is also building InterPark to the USGBC's LEED specs, specifically targeting "Silver" certification. And, says Cohen, the building offers signage opportunities. "The phase one building is located just 25 ft. from the I-80 roadbed," he says.
As far as the proposed five-story, 109,000-sf second building, its timeline depends on the leasing activity of the first building. "Work on the second building will start when the first building is 60% leased," CRG general manager Andrew Billing told GlobeSt.com earlier this year.
Once known as Oak Lake Plaza before being renamed InterPark Office Campus by CRG, the project was initially started in the 1980s by a joint venture of Trammell Crow Co. and locally based developer William Foody. It never got beyond the foundation and early steel stage for the first building, and the site was commonly referred to locally, until recently, as "the eyesore of Morris County."
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