CONSTRUCTION ADVANCING FOR 40 PARK, HIGHLANDS AT MORRISTOWN STATION

MORRISTOWN, N.J. — Construction is advancing for two residential buildings located within a $500 million mixed-use project located in Morristown that is being developed by Rosewood. The first project, 40 Park, is a seven-story residential condominium building. It features 73 units, including 13 penthouses that range in price from $400,000 to more than $2.3 million. The retail component of the project, The Shops on the Green, contains more than 70,000 square feet of street-level retail space. The 40 Park building serves as the anchor for two adjacent buildings: The Metropolitan, a seven-story, 130-unit rental apartment building; and The Lofts, a 30-unit condominium property. The second project is The Highlands at Morristown Station. The transit-oriented development features 219 apartment units and 8,000 square feet of retail space, all located near the Morristown Train Station. Cushman & Wakefield is serving as the exclusive leasing agent for the retail component of both projects. The leasing team consists of Rick Rizzuto, Michael Stone and Jim Postell, all of the firm’s Morristown office. 40 Park is being developed by Roseland Property Group, Woodmont Properties and Epstein Land Co. Completion of 40 Park’s The Shops on the Green is scheduled for spring 2010. Completion for the retail component of The Highlands at Morristown Station is scheduled for the second half of 2010.