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GlobeSt.com UPDATE: New Spec Building Gets $29M Construction Financing
By Eric Peterson
Last updated: January 6, 2006 08:14am
(To read more on the debt and equity markets, click here.)
PARSIPPANY, NJ-When construction began on the 175,000-sf 100 Kimball Dr. last summer, it was called the first new speculative office building in Morris County in more than four years. It's also certainly one of only a handful of significant office buildings being done on spec in the Garden State.
Now, the building's progress is being moved along with a new $29-million construction financing package arranged by Holliday Fenoglio Fowler. 100 Kimball Dr., located within the Center of Morris County office complex, is being developed by a joint venture of the Gale Co. of Florham Park and a fund advised by JP Morgan Investment Management. The total cost of the building has not been released.
The funding was arranged by HFF executive managing director Whit Wilcox of the firm's New York City office and senior managing director Jon Mikula of the Florham Park office. The lender is the Union Labor Life Insurance Co. Further details of the financing were not released.
The five-story 100 Kimball Dr., which will have parking for 670 cars, is slated for delivery in October of this year, according to Gale Co. president Mark Yeager. "Our decision to initiate this project on speculation reflects our optimism in the New Jersey office market and the overall economy here," Yeager told GlobeSt.com last year.
The new building also the third phase of the four-building, 100-acre Center of Morris County office campus at the intersection of Interstates 80 and 287 being done jointly by Gale and the JP Morgan-advised fund. The first two buildings, totaling 575,000 sf, were completed in 2001, with the 400,000-sf 300 Kimball Dr. done as a build-to-suit and fully occupied by State Farm Insurance. The 175,000-sf 200 Kimball Dr. was completed and fully leased by Novartis Consumer Healthcare and the law firm of Kelly Drye and Warren.
The campus' fourth and final building is the fully approved, 100,000-sf One Jefferson Rd., which will be a companion building to the under-construction 100 Kimball Dr. No timeline has been announced for One Jefferson Rd.
GlobeSt.com UPDATE: New Spec Building Gets $29M Construction Financing
By Eric Peterson
Last updated: January 6, 2006 08:14am
(To read more on the debt and equity markets, click here.)
PARSIPPANY, NJ-When construction began on the 175,000-sf 100 Kimball Dr. last summer, it was called the first new speculative office building in Morris County in more than four years. It's also certainly one of only a handful of significant office buildings being done on spec in the Garden State.
Now, the building's progress is being moved along with a new $29-million construction financing package arranged by Holliday Fenoglio Fowler. 100 Kimball Dr., located within the Center of Morris County office complex, is being developed by a joint venture of the Gale Co. of Florham Park and a fund advised by JP Morgan Investment Management. The total cost of the building has not been released.
The funding was arranged by HFF executive managing director Whit Wilcox of the firm's New York City office and senior managing director Jon Mikula of the Florham Park office. The lender is the Union Labor Life Insurance Co. Further details of the financing were not released.
The five-story 100 Kimball Dr., which will have parking for 670 cars, is slated for delivery in October of this year, according to Gale Co. president Mark Yeager. "Our decision to initiate this project on speculation reflects our optimism in the New Jersey office market and the overall economy here," Yeager told GlobeSt.com last year.
The new building also the third phase of the four-building, 100-acre Center of Morris County office campus at the intersection of Interstates 80 and 287 being done jointly by Gale and the JP Morgan-advised fund. The first two buildings, totaling 575,000 sf, were completed in 2001, with the 400,000-sf 300 Kimball Dr. done as a build-to-suit and fully occupied by State Farm Insurance. The 175,000-sf 200 Kimball Dr. was completed and fully leased by Novartis Consumer Healthcare and the law firm of Kelly Drye and Warren.
The campus' fourth and final building is the fully approved, 100,000-sf One Jefferson Rd., which will be a companion building to the under-construction 100 Kimball Dr. No timeline has been announced for One Jefferson Rd.
posted by Jones Lang LaSalle NJ News Blog at 10:23 AM
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