Class A 220,000-Square-Foot Recently Enhanced Property Presents Ideal ‘Flight-to-Quality’ Opportunity to Prospective Tenants
RXR Realty, a leading real estate operating and investment company in the New York Tri-State region, recently unveiled the results of an extensive capital improvement effort highlighted by a newly enhanced lobby and added amenities at 44 Whippany Road, the Company’s showcase Class A office building in Morristown, N.J.
RXR embarked upon the significant project in order to upgrade the property to the highest level of modern Class A standards. The property currently offers 220,000 square feet, which can be efficiently subdivided.
As part of the renovation program, RXR performed interior renovations to completely redesign the building’s lobby and common areas with the addition of new granite floors and finishes, a new ceiling and energy efficient lighting. RXR also added a state-of-the-art fitness center and multi-purpose team room as amenities for tenants. Additionally, RXR replaced the building’s HVAC equipment and the property’s exterior landscaping was extensively overhauled. The hardscaping was reworked to provide a more modern look and feel, new plantings were installed and existing water features were upgraded.
“This project is a prime example of RXR’s commitment to maintaining and consistently reinvesting in our properties so that they continue to exceed the needs of today’s corporations and their future requirements,” said Todd Rechler, Co-COO of RXR and President of RXR Construction and Development. “The extensive renovation program we executed at 44 Whippany Road has resulted in a significantly enhanced office environment that evokes a modern feel throughout and elevates the building to maximize the benefits for existing and future tenants.”
The building’s new fitness center offers a multitude of cardio and weight-training machines in addition to treadmills and cycles, while the team room is a multifunctional space with audiovisual capabilities, seating approximately 28. It includes flexible furniture and is well suited for team training sessions as well as large conferences for the building’s tenants.
Overlooking a serene pond set amid meticulously landscaped park-like surroundings adjacent to the pastoral 127-acre Frelinghuysen Arboretum, the property’s floor plates typically total 88,000 square feet. Tenants also have a host of other first-class, on-site amenities including a café, 24/7 security access and ample parking. The property benefits from its easily accessible location close to Route 287 and 24, the NJ Transit Midtown Direct Express commuter rail in Morristown, Convent Station and the Morristown Airport. The Westin Governor Morris Hotel is a neighboring property available for fine dining and conferencing facilities, and downtown Morristown offers additional shopping, restaurants and entertainment opportunities.
Published: December 12, 2011
Filed Under: Redevelopment
The RXR operating platform manages 73 commercial real estate properties and investments with an aggregate gross asset value of approximately $17.9 billion, comprising approximately 23.4 million square feet of commercial operating properties and control of development rights for approximately 6,300 multi-family and for sale units in the New York Metropolitan area. Gross asset value compiled by RXR Realty in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.