(Mark Your Calendars: RealShare New Jersey 2011, September 13 in New Brunswick)
PARSIPPANY, NJ-Development lives! Mack-Cali Realty Corp. will build a 203,000-square-foot, class A office building for Wyndham Worldwide Corp., adjacent to its current worldwide corporate headquarters at 22 Sylvan Way here.
The new building, expected to be complete in the first quarter of 2013 and ready for occupancy in the third quarter, will allow the hospitality company to consolidate its locally based workforce within a single campus.
“This is the second part of a two-phase plan,” a Wyndham spokesman tells GlobeSt.com. “This is just consolidating.”
In addition to its offices at the 250,000-square foot 22 Sylvan Way, the company has leased space at 7 Sylvan Way. Wyndham will keep its location at 22 Sylvan, and move those at 7 Sylvan to the new facility. The new combined leased space of 453,000-square feet marks a 14% expansion. Specifics of the design are still to be determined, but should continue Wyndham’s commitment to sustainability. Its headquarters building has earned Silver LEED certification for Corporate Interiors. Architecture firm HLW International will design the core and shell portion of the project.
“Our roots are in Parsippany, in New Jersey,” the Wyndham spokesman says. “We’re proud.”
According to Mack-Cali’s corporate Web site, the 600-acre Mack-Cali Business Campus has three land sites available for build-to-suit office buildings: 14 Sylvan Way, with a development potential of 200,000 square feet; Dryden Way at Route 10W, with 100,000 square feet potential; and Hanover, with 800,000 square feet of development potential.
“When we acquired the campus in 1998, we were attracted to its existing premier buildings and exceptional tenants. The property also offered additional attractive development sites to accommodate the growth needs of first-class companies in this barrier-constrained market,” said Mack-Cali president and CEO Mitchell E. Hersh, in a press release. (Mack-Cali officials declined to comment further.) “We’re pleased that we are able to extend our strong relationship with Wyndham Worldwide in the campus.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.