Former Organon USA Research and Development Building Nears Completion Of Transformation to State-of-the-Art Medical FacilityRedevelopment Project in West Orange, N.J. is a Joint Venture of The Hampshire Companies and Paragon Realty
West Orange, N.J. (June 22, 2010) – The Hampshire Companies, a full-service, private real estate investment firm with equity in assets valued at over $2 billion, together with joint venture partner, Paragon Realty, have announced that the redevelopment of Mount Pleasant Medical located at 375 Mount Pleasant Avenue in West Orange, N.J., is in its final stage. The building is slated to be completed in August 2010.
Hampshire acquired the former Organon USA research and development building in 2007, and has since completely redeveloped the property transforming it into a Class-A, state-of-the-art medical facility unlike any other in Essex County. Mount Pleasant Medical has been redeveloped to take full advantage of hospital zoning and includes numerous amenities for medical users including covered parking, multiple at grade entries, high ceilings, heavy floor loads, individual HVAC and metering. To enhance the buildingâ€™s â€œcurb appeal,â€ the work also includes a new curtain wall and brick faÃ§ade, a new atrium lobby and common areas as well as enhanced landscaping.The 113,000-square-foot facility is situated on 11 acres and is conveniently located a half mile from I-280 at Prospect Avenue and is within walking distance to the Essex Green Shopping Center. The building also features close proximity to area hospitals including Saint Barnabas Medical Center and Mountainside Hospital.
â€œWith the recent passage of the health care reform bill, doctors can now begin to make long-term decisions about their practices based on the new system in place and the expected growth in demand for medical care,â€ said Todd Anderson, a Principal of The Hampshire Companies. â€œAt Hampshire, we recognize how much time and effort goes into establishing a medical office and we have simplified that process by redeveloping Mount Pleasant Medical to meet all current needs of practitioners. Our unique condominium structure offers practitioners the added benefit of the tax and appreciation opportunities that ownership of the space allows.â€
The Urology Group of New Jersey and NJ Cardiology Associates are currently occupying two of the medical office condos, while Dr. Robert Muscio anticipates opening his surgery center by the end of 2010. One half of the facility has already been sold and the remaining space is currently being actively marketed by Frank Gunsberg and Andrew Tarvin of Colliers International NJ as the exclusive brokers.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at http://www.hampshireco.com.
R&J Public Relations