Wyndham to Build New HQ in 250 KSF Office Tower
- Aug 16, 2011
August 16, 2011
By Nicholas Ziegler, News Editor
The name of the game is office consolidation and a new headquarters. In a project that will be handled by the Mack-Cali Realty Corp., Wyndham Worldwide Corporation announced that it will develop a 203,000-square-foot Class A office to consolidate its Parsippany, N.J.-based workforce on a single campus.
The new building will be constructed adjacent to the 250,000-square-foot Wyndham Worldwide corporate headquarters at 22 Sylvan Way in the Mack-Cali Business Campus. Together, the two buildings bring the total square feet leased in the campus to 453,000, an increase of 14 percent.
According to a Cushman & Wakefield report, the northern New Jersey office appears to be stabilizing, as job growth and leasing activity have strengthened in the first half of 2011. While the state added 30,100 non-farm jobs since January, the unemployment rate remains at 9.4 percent — as compared to 9.1 percent nationally. Following the employment trend, leasing activity increased to 2.6 million square feet in the area, a 10.4 percent increase over the same period in 2010.
“When we acquired the campus in 1998, we were attracted to its existing premier buildings and exceptional tenants,” Mitchell E. Hersh, president and chief executive officer of Mack-Cali, said. “The property also offered additional attractive development sites to accommodate the growth needs of first-class companies in this barrier constrained market. We’re pleased that we are able to extend our strong relationship with Wyndham Worldwide in the campus.”
The three-story granite and glass building is expected to be completed in first quarter 2013 and ready for occupancy by late third quarter 2013. The existing Wyndham headquarters already holds LEED Silver certification.