As part of the renovation, Hampshire has taken the existing 13,110-square-foot building down to its steel and will add 6,582 square feet, bringing the building to 19,692 square feet.

Upon completion in June 2010, the two-story professional center will feature a variety of amenities including a revamped lobby and a new elevator. The building will be suitable for single or multi-tenant users. The company declined to release the project cost. According to Cushman & Wakefield figures, office space in Morris County is running around $30.

The building is located in the suburban area between Madison and Chatham, near Morristown Memorial Hospital, making it ideal for medical office users. "There has been a growing demand for medical office space that meets the needs of today's physicians," says Todd Anderson, a principal at the Hampshire Cos., which acquired the building in late 2007 for an undisclosed amount.