Real Estate

Oct 11, 2013

Avaya sells headquarters, leases back at half capacity

As part of the deal, Avaya will lease back about half of the 282,000-square-foot office building, which sits at 211 Mount Airy Road in the Basking Ridge section of Bernards. The sale price was not disclosed in an announcement late Thursday afternoon. Onyx and Rubenstein, based in Woodbridge and Philadelphia, respectively, said they plan to […]

Oct 11, 2013

Skanska signs additional $220M contract for Prudential tower in Newark

According to the announcement, the facility will include an adjoining parking garage and ground-level retail space. It will also strive for gold-level LEED certification. Construction is expected to be completed in early 2015.

Oct 11, 2013

Lincoln Equities adds Washington Plaza in Piscataway to management portfolio

According to the announcement, this addition brings the total rentable square footage under LEG to more than 4 million, primarily centered in the New Jersey/New York metro area. The glass-clad building’s tenant roster includes Paychex, IBM, Burns & McDonnell, Tingley Rubber, and more.

Oct 10, 2013

Whole Foods plan a boon to Newark’s residential expansion hopes

That makes little sense to the Brick City-based developer, who believes “if you’re living in a downtown, you should be within walking distance from a grocer.”Hanini’s wish will come true by 2016, when Whole Foods will open its first location in Newark. Under a deal announced today, the organic and natural foods grocer will occupy […]

Oct 9, 2013

CBRE named exclusive agent for 720,000-square-foot The Green at Princeton

According to the announcement, CBRE’s team of Alec Monaghan, first vice president; Joe Sarno, executive vice president; Jeremy Neuer, senior vice president; Adam Englander, vice president; and Wes Moore, vice president, will oversee the leasing and marketing campaign on behalf of the owners, Scudders Land Holdings LLC, by a joint venture between LCOR, Ivy Equities […]

Oct 9, 2013

1.4M square feet of N.J. industrial space acquired by Liberty Property Trust

Financial details of the New Jersey portion of the portfolio were not broken down in a press release from the company.According to the announcement, Liberty added 177 properties in 24 markets. The acquisition was funded through a combination of sources including proceeds of $834.1 million from an offering of 24,150,000 common shares, proceeds from the […]

Oct 7, 2013

South Jersey office market has surprising surge

The company, Voorhees-based Wolf Commercial Real Estate, found vacancy in the region fell to 17 percent, down about two percentage points from the second quarter. The decline was driven by nearly 443,200 square feet of leasing activity in a 17.5 million-square-foot market that includes Burlington, Camden and Gloucester counties.The third-quarter leasing volume is up nearly […]

Oct 7, 2013

Vornado completes 278M Manhattan acquisition

The acquisition was first announced in August. According to the announcement, Vornado acquired approximately 92.5 percent of this property for $278 million. The other 7.5 percent is owned by Madison Capital. The property is leased to Ferragamo through 2028 for its flagship Manhattan store, which is located both in the property and the adjacent property […]

Oct 7, 2013

Terreno announces a 75,000-square-foot lease

Financial terms of the lease were not disclosed. Terreno leased 52,000 square feet of space in Newark for $15 million in July, and acquired the $2.8 million Fairfield distribution building in the same month. More realty news >

Oct 7, 2013

Outlet CollectionJersey Gardens working to update its image by upgrading its design

And no, we’re not talking about American Dream. Nearly 15 years after opening in Elizabeth, the Jersey Gardens outlet mall has quietly received a $30 million makeover from its owner, Glimcher Realty Trust. The effort comes as two other colossal, long-awaited retail projects grab headlines and loom on the horizon in New Jersey, but executives […]

Oct 7, 2013

Developers eager to see next steps for COAH

“This win … might need some additional work,” said McGuinness, CEO of the development group NAIOP’s New Jersey chapter. The case centered largely on COAH guidelines that say a municipality accrues its affordable housing obligation as a percentage of the residential building and job growth that occurs within its borders. Under that so-called growth share […]

Oct 4, 2013

Construction begins on new upscale rental community in Rahway

The project will transform a former industrial site into a transit-oriented development in walking distance to shopping, restaurants and the arts.On 1.6 acres along Campbell Street, Metro Rahway will be a four-story building with a mix of one- and two-bedroom residences featuring 9-foot ceilings and ceramic-tiled kitchens.“People are looking for the type of community where […]