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The transformation is complete at 25 Market St. in Elmwood Park.

Previously the site of a Marcal Paper warehouse, Crow Holdings Development announced the milestone for the new, 207,000-square-foot redevelopment Feb. 5.

In January 2019, a fire devastated Marcal‘s Elmwood Park base. While a portion reopened a year later, Crow acquired nearly 12 acres from the recycled paper products maker in 2022 with an investment from Atlas Holdings, Marcal’s owner.

Vertical construction began on the high-visibility Class A project last May.

“Everyone involved understood the value of this property and what finding its new best-and-highest use would mean for the community,” said Clark Machemer, senior managing director, Crow Holdings Development. “The fact that we have been able to bring this building online just five years after the fire is a tribute to Marcal and to the Borough of Elmwood Park, which provided tremendous support for this effort to revitalize the area and stimulate economic growth.”

Inspired by the 90-year-old warehouse it replaced, the new industrial building features a brick façade and black window mullions. Additionally, the exterior includes large, translucent glass accent light boxes to incorporate modern design, as well as pay homage to the former landmark “Marcal” sign.

“The completion of this development fulfills our desire to see the property destroyed by the fire continue to benefit our borough, our county and our state for many years to come,” said Rob Baron, CEO and president, Marcal Paper, which still operates adjacent to 25 Market St. “We are grateful that, in just a few years, what was once the site of a terrible event has been transformed into a new economic development opportunity for our community. We look forward to welcoming new neighbors to this incredible spot in New Jersey.”

The building

The single-story, energy-efficient 25 Market St. features:

• Build-to-suit office space
• Up to 40-foot ceiling heights
• 56 trailer stalls
• 32 exterior loading docks
• Two drive-in doors
• Parking for up to 200 vehicles

The project is adjacent to a four-way interchange of Interstate 80 with access to the Garden State Parkway as well as Routes 46, 21 and 3.

Vacancy available

JLL Senior Vice President Ignatius Armenia, Vice Chairman Rob Kossar, Executive Managing Director Chris Hile, Vice President Ryan Milanaik and Vice Chairman David Knee serve as exclusive leasing agent for 25 Market St., CHD said.

Armenia said the property, “checks every box for meeting current demand in the northern New Jersey marketplace.”

The project is part of a bevy of recent activity. In 2023, New Jersey saw a record 24.2 million square feet of new deliveries in the sector, according to JLL. Yet, despite increasing vacancy (5.0%), the fourth quarter report from the real estate services company cited a significant rebound in leasing velocity for the period (35.4% above the trailing four quarter average and 67.3% above Q3).