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Real Estate

Princetons merger may give boost to commercial real estate

The merger of Princeton Borough and Princeton Township is likely to have a positive effect, however slight, on the commercial real estate market in a locale that attracts companies and tenants who seek a prestigious address. “The consolidation of the two towns, if nothing else, should have a positive impact on a few things in ...

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Hartz amps up solar array

Hartz Mountain Industries’ first foray into strictly solar development became operational Monday. The Secaucus-based developer announced Monday its 30,000-panel, 8.5-megawatt facility in Hamilton has begun to produce power for the company. The ground-based array is among the state’s largest. Hartz’s solar display occupies 34 acres of a 65-acre property previously slated for residential development. Hartz ...

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Cleanup experts in demand as deadline nears

The May 7 deadline to most of New Jersey’s more than 15,000 polluted sites under the supervision of private-sector consultants has left the Department of Environmental Protection expecting a surge in retention of these experts — and fending off continued criticism from industry insiders. As the deadline bears down on site owners and responsible parties, ...

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Addressing confusion on 250M incentive

The status of a $250.8 million tax credit award to Prudential Financial Inc. is unclear, as the insurance giant has publicly said it’s considering multiple sites in Newark to build a new headquarters property, though its application identifies a Center Street address near the New Jersey Performing Arts Center. But the one site specified in ...

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Retail rental rates staging comeback, expert says

The absorption rate of big-box retail space in New Jersey is increasing, with the Paramus-based Goldstein Group closing eight such transactions at the end of 2011, including four gyms, in northern and central New Jersey. Chuck Lanyard, president, said the New Jersey market is starting to see rent prices come back after dipping nearly 20 ...

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Tepid leasing activity won’t warm until jobs return, report says

Leasing volume at New Jersey’s offices could remain flat for at least another year, but tenants should use the tepid market as leverage when negotiating new leases, according to a new report by a CresaPartners LLC, a tenant representation firm. Tom Giannone, co-managing partner of the firm’s New Jersey division, said tenants often forget they’re ...

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Relocation experts N.J. business climate becoming more competitive

While New Jersey has consistently been at the bottom of lists ranking business-friendly states, relocation experts say corporations have been taking notice of the improvements made under Gov. Chris Christie‘s administration. “The state is certainly moving in the right direction,” said John Boyd Jr., principal with Princeton relocation consultants The Boyd Co. Inc. “Companies are ...

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Class A vacancy rates hit three-year low in N.J.

According to a recent Jones Lang LaSalle report, Class A office space in New Jersey’s northern and central markets reached a three-year low during the fourth quarter of 2011. In North Jersey, the vacancy rate stood at 22.1 percent for top-level space at the end of last year. Central Jersey upscale offices were 25.1 percent ...

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Developer says solar firms helping power real estate recovery

New Jersey’s emerging solar industry has long been seen as a job creator, but at least one Garden State developer hopes it can now fuel growth in the state’s office market. The developer, Bedminster-based Advance Realty, recently announced three new leases with out-of-state and international solar companies that are establishing regional offices in New Jersey. ...

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