Jones Lang LaSalle
474,000 SF of Office Set to Move Ahead
By Eric Peterson
Last updated: February 7, 2006 06:50am
ISELIN, NJ-Siemens USA of New York City is planning to move ahead with the delayed second and third phases of its 711,000-sf Metropark office campus here, and has signaled that intention by hiring Newmark Knight Frank's Woodbridge office to find tenants for the new space. For NKF, managing principal Paul Giannone will be working the project, along with the firm's managing principal Jim Scanlon and managing directors Kevin Carton and Paul Hindes.
The announcement also signals that spec office construction is making a comeback in the Garden State. The Siemens project joins efforts under way by the Gale Co. (Parsippany), Reckson (Princeton) and SJP Properties (Bridgewater).
Phase one of the Metropark campus, an eight-story, 237,000-sf building, was completed for Siemens not long ago on the northern end of the 23-acre site by the Florham Park-based Gale. An existing warehouse structure was demolished to make way for the project.
The next two phases, originally slated for completion in late 2004 and early 2006 respectively, but delayed because of market conditions, will mirror phase one's eight-story, 237,000-sf dimensions. Each building will have a 575-car parking garage as well. The two new buildings will net out to approximately 460,000 sf of class A office space. Newmark's assignment with Siemens, whose various divisions and operations occupy most of the phase one building, also includes the marketing of about 30,000 sf of underutilized space at that building.
"These two office properties are expected to attract, and have already started to attract significant interest," Giannone says. "They are attracting attention because of their location near Amtrak and NJ Transit at Metropark and near several major highways. They're also attracting attention because of the fact that the first building can be delivered in about 15 months."
Siemens' Metropark campus sits directly across the street from the Hilton Hotel and Conference Center. Features include access to an AT&T Sonet ring, rectangular and largely column-free floorplates and on-site food service.
The cost of phases two and three hasn't been released, but earlier estimates placed the full three-phase build out in the $120-million range.
474,000 SF of Office Set to Move Ahead
By Eric Peterson
Last updated: February 7, 2006 06:50am
ISELIN, NJ-Siemens USA of New York City is planning to move ahead with the delayed second and third phases of its 711,000-sf Metropark office campus here, and has signaled that intention by hiring Newmark Knight Frank's Woodbridge office to find tenants for the new space. For NKF, managing principal Paul Giannone will be working the project, along with the firm's managing principal Jim Scanlon and managing directors Kevin Carton and Paul Hindes.
The announcement also signals that spec office construction is making a comeback in the Garden State. The Siemens project joins efforts under way by the Gale Co. (Parsippany), Reckson (Princeton) and SJP Properties (Bridgewater).
Phase one of the Metropark campus, an eight-story, 237,000-sf building, was completed for Siemens not long ago on the northern end of the 23-acre site by the Florham Park-based Gale. An existing warehouse structure was demolished to make way for the project.
The next two phases, originally slated for completion in late 2004 and early 2006 respectively, but delayed because of market conditions, will mirror phase one's eight-story, 237,000-sf dimensions. Each building will have a 575-car parking garage as well. The two new buildings will net out to approximately 460,000 sf of class A office space. Newmark's assignment with Siemens, whose various divisions and operations occupy most of the phase one building, also includes the marketing of about 30,000 sf of underutilized space at that building.
"These two office properties are expected to attract, and have already started to attract significant interest," Giannone says. "They are attracting attention because of their location near Amtrak and NJ Transit at Metropark and near several major highways. They're also attracting attention because of the fact that the first building can be delivered in about 15 months."
Siemens' Metropark campus sits directly across the street from the Hilton Hotel and Conference Center. Features include access to an AT&T Sonet ring, rectangular and largely column-free floorplates and on-site food service.
The cost of phases two and three hasn't been released, but earlier estimates placed the full three-phase build out in the $120-million range.
posted by Jones Lang LaSalle NJ News Blog at 10:10 AM
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