GlobeSt.com: You are introducing a large office space to a very tough office market right now, in Parsippany and statewide. What is your marketing strategy?
Postell: 300 Kimball starts with spectacular infrastructure that most developers and landlords would not put in a building today - structured parking, dual substations, and all the bells-and-whistles installed ten years ago. I really believe the infrastructure of the building sells itself. The building is far more modern than the average office building in Parsippany, which averages about 24 years old. With the way prices are now, tenants have the opportunity to obtain space at rental rates of $29.50 a square foot in what is really a $35-per-square-foot building.

GlobeSt.com: The market activity right now most involves smaller spaces. How will you be breaking down space in a former headquarters building?
Postell: We are investing a tremendous amount of money in transforming the building to be multi-tenanted. It has 80,000-square-foot floor plates, and that will break down all the way to 20,000 square feet. We hope to start by attracting a couple of 40,000-square-foot tenants. We think the space will be extremely competitive with what is being offered in any environment, suburban campus or urban and transit-oriented.

GlobeSt.com: What sort of physical changes are being made?
Postell: Everything from new landscaping, a new lobby, employee entrance, renovation of the cafeteria to make it convenient for multi-tenants. We’re going to begin with new restrooms, but every aspect will be getting a facelift. Also, we are adding a gym, since that is something a first-class office outside of an urban center needs to offer employees today. The building has Tri-Star energy rating, but we will be upgrading the energy-efficient aspects as well.