Lincoln Equities taps JLL to lease new Class A industrial

Lincoln Equities Group has been busy in the industrial sector, with more than 2 million square feet of space under development. And that pipeline is growing, with the recent start of work by the East Rutherford commercial real estate owner, manager and developer on a project just across the Jersey border.

Rendering for Lincoln Equities @ Rockland County, a speculative industrial warehouse from Lincoln Equities Group. — Rendering for Lincoln Equities @ Rockland County. – JLL

LEG recently broke ground on a 220,000-square-foot speculative warehouse project in Rockland County, N.Y., marking the first new industrial property to come to the county since 2009. On March 8, JLL Northeast Industrial announced it was retained as exclusive leasing agent for Lincoln Logistics @ Rockland, located at 625 Corporate Place in Valley Cottage, N.Y.

The exclusive JLL leasing team is led by Senior Managing Director James Panczykowski, Executive Managing Director Dean Brody and Vice President Ignatius Armenia.

Just off Interstate 287 and the Mario Cuomo Bridge – offering easy access to Manhattan and Westchester County in the Empire State, along with Fairfield County in Connecticut and northern New Jersey – the property sits on 23 acres in Executive Park on Route 303 and is set to be completed in the third quarter of this year, according to JLL.

In an area where an average property is more than 45 years old, the Class A Lincoln Logistics @ Rockland will feature a state-of-the-art industrial design, superior loading, wide column spacing, energy-efficient LED lighting, 36-foot clear ceiling heights, 34 loading docks, two drive-in doors, 41 trailer stalls and parking for 123 cars.

According to a statement from LEG President Joel Bergstein, the Rockland County project represents the best opportunity for industrial in the county.

“[A]nd, working with JLL, we are already seeing interest from Fortune 500 companies, third party logistics firms and local businesses looking to expand,” he said. “Rockland County’s business-friendly climate and superior transportation access make it an ideal location for value-oriented tenants requiring access to the New York tri-state market.”

Amid persistent demand for industrial space, Panczykowski described Lincoln Logistics @ Rockland as a “new alternative for tenants.”

In a fourth quarter report, JLL found the Lower Hudson Valley is moving from a build-to-suit and owner-user market to a growing speculative construction market, with record low vacancies (3.4%).

“As the industrial markets in Northern New Jersey and New York City continue to experience record-breaking demand, Lincoln Logistics @ Rockland offers a new alternative for tenants seeking to service the region from Class A industrial space,” Panczykowski said in a statement. “This type of highly coveted, state-of-the-art space is ideal for a successful distribution hub that caters to the ever-growing demand for fast local deliveries.”

JLL said there are no Class A vacancies in the Lower Hudson Valley, putting “developers in the drivers’ seat,” with tenants on the lookout for an estimated 12 million square feet of space in the region. Despite economic headwinds, demand persists, according to the firm which cited a climb in New York’s industrial occupancy rates to 97.9%.

Back in New Jersey, LEG’s projects include the Lincoln Logistics Bayonne campus, a 152-acre development that features a 886,256-square-foot regional distribution center for UPS and a neighboring speculative project of more than 330,000 square feet. Last month, LEG and partner The Carlyle Group secured $17 million in predevelopment financing to transform a more than 15-acre industrial site in Belleville.

Larken lease brings South Asian performing arts studio to Hillsborough

Performing arts company Arya International is joining Amwell Mall at 450 Amwell Road in Hillsborough. — Amwell Mall at 450 Amwell Road in Hillsborough. – LARKEN ASSOCIATES

Amwell Mall in Hillsborough is welcoming a new tenant, with a performing arts studio joining the roster at the recently renovated shopping center.

Larken Associates negotiated a lease for 1,432 square feet with Arya International at the 35,398-square-foot complex, the Branchburg-based firm announced March 7.

Rob Marek, executive vice president of Raider Realty, Larken’s in-house brokerage division, represented the firm in the transaction. In a statement, he highlighted the importance of flexibility for attracting tenants.

“Flexibility is one of the most important features a property can have when it comes to attracting high-quality tenants,” he said. “Amwell Mall continues to provide the flexibility needed for businesses of all types to set up shop and make an impact on the community.”

Located just off Route 206, the property offers high visibility and a range of retail, office and medical spaces. About 9 miles north of Princeton and 7 miles south of Somerville, Amwell Mall features a traffic-controlled entrance and abundant parking. Current tenants include Bagel Bistro, Ivy Rehab Physical Therapy, La Costenita and Thai Chili House. In 2022, Larken welcomed short-term and month-to-month office space provider Suite Life to the property.

With locations nationwide, N.J.-based Arya International is a leading South Asian performing arts institute dedicated to teaching South Asian dance techniques, singing, music and acting to students of all ages. It also hosts concerts, community shows and competitions.

“We’re proud to have played a role in bringing a successful dance studio to Hillsborough and wish Arya International and their staff the best of luck as they begin their journey at Amwell Mall,” Marek said.

Mancini Duffy commits to North Jersey with lease extension

Mancini Duffy's North Jersey office at the historic Schoolhouse Plaza at 374 Millburn Ave. in Millburn. — Mancini Duffy’s North Jersey office at the historic Schoolhouse Plaza at 374 Millburn Ave. in Millburn. – MANCINI DUFFY

National architecture and design firm Mancini Duffy is staying in Millburn.

This week, the New York City-based company announced it signed a seven-year lease extension for its office at 374 Millburn Ave. in the Essex County municipality.

According to Mancini Duffy, the move underscores its commitment to “delivering innovative design solutions in the Northern New Jersey area.”

“We’ve seen an opportunity to engage in cutting-edge projects in Northern New Jersey,” Principal and Aviation Practice Director John Anthal, who leads the Millburn office, said in a statement. The space “has its own unique culture and local presence while maintaining the creativity and ingenuity Mancini is synonymous with,” he added. “Building such an energetic and collaborative team over the past several years has been extremely exciting, and that enthusiasm is reflected in our relationships with our clients.”

A nearly 10-year veteran of the firm, Anthal’s Garden State clients have included Bell Works and multiple airlines at Newark Liberty International Airport.

Located in the city’s Business District at the historic Schoolhouse Plaza, Mancini Duffy said its North Jersey regional office caters to core and growing sectors for the firm, including: corporate, aviation, multifamily, hospitality, health care and life sciences. Since it launched at the space in 2017, clients have included Mars Wrigley, Sax LLP and Energy Capital Partners.

The lease extension was brokered by JLL.

Even cooler?

Since COVID, Mancini has expanded The Toolbelt so that multiple users, from any location, can explore and manipulate 3D models in real-time and with immediate output.

The Millburn space will be renovated to accommodate growing staff numbers (across its footprint it boasts more than 100 employees), according to the firm, and to add its signature Design Lab. Here, sessions are conducted in a virtual space using Mancini’s patent-pending software, The Toolbelt. The lab will also offer an immersive hub for clients to use the tech in a local, in-person and collaborative environment, according to the firm.

“We are heavily rooted in New Jersey, and as we all know, the various regions of this state take pride in their differences,” said CEO William Mandara Jr., a lifelong Paramus resident. “John Anthal and the Millburn office have a solid reputation after five years of designing award-winning projects. We are excited about the future as we continue to expand both our team and clientele.”

In 2021, Mancini Duffy expanded its presence in the central part of the state, launching its second New Jersey office in Red Bank.

Mandara and President Christian Giordano, who celebrates a decade with the firm this fall, took over ownership of Mancini Duffy in 2014. Since then, and together with their partners, they have invested in an extensive R&D program focused on taking a proactive approach and inventing new technologies (see: The Toolbelt, above) to revolutionize the design process.

“We know the challenges clients face in the New Jersey market,” Giordano said. “Not only does our approach have a track record of changing how clients engage throughout the design process, but the depth of our local knowledge has been vital to our success in the project’s outcome,” said Giordano.

Some of the other companies the firm has worked with in N.J. include, Rutgers University, The Fidelco Group, Valley National Bank, KMPG and Guardian Life Insurance.

Amazon announced as tenant at STRO, KRE Group’s Woodland Park property (updated)

It’s official: the tenant for the 205,000-square-foot Class A industrial distribution facility in Woodland Park from The STRO Cos. and KRE Group is your favorite smiling van, Amazon.

The partners announced the agreement for the retail giant’s sub same-day distribution facility Feb. 28. The launch of the building was celebrated this month.

The project secured $60 million in refinancing last August. At that time, STRO said it had secured a long-term tenant for the space, but did not disclose the occupier.

Mayor Keith Kazmark, center left with scissors, and The STRO Cos. founder and principal Steven Millstein, to his right, cut the ribbon on 1150 McBride Ave. in Woodland Park, which Amazon will occupy, surrounded by the town council, Amazon employees and county officials. – THE STRO COS.

“We are pleased to have secured Amazon as a tenant for 1150 McBride after years of planning and development,” Steven Millstein, STRO founder and principal, said in a prepared statement. “We are thankful to have worked with our partners at KRE and Woodland Park’s Mayor Keith Kazmark who were instrumental in the success of this project.”

STRO and KRE were represented in-house by Senior Director of Acquisitions and Capital Markets Jack Shulman and Director of Leasing Elliot Ferris, according to the Feb. 28 announcement; Amazon was represented by KBC Advisors partners Jason Goldman and Andrew Siemsen.

According to a statement from Amazon Site Lead Drew McCrosssan, the company has invested more than $23 billion in the Garden State since 2010.

“We are excited to continue our growing footprint through this state-of-the-art facility in Woodland Park,” McCrosssan said. “I am proud to lead this site and look forward to continuing to be integrated with community.”

The number of jobs at the facility is “continuing to grow,” another Amazon spokesperson told NJBIZ, but “there are hundreds of full-time and part-time employees at SNJ1 in Woodland Park,” including third-party partners and flex drivers. To date, the retailer says it’s created approximately 58,000 jobs in New Jersey with average starting wages at more than $18 per hour and comprehensive benefits, including medical, dental, 401(k) matching, up to 20 weeks of parental leave, and its Career Choice program for tuition or education reimbursement.

The space

With direct access to Routes 46 and 23 in addition to Interstate 80, 1150 McBride Ave. offers 36-foot clear ceilings, two drive-ins, 20 docks, and “ample” parking for trailers and employees.

“1150 McBride is a first-class building with a great tenant; KRE is thrilled to partner with STRO on another successful project,” KRE President Jonathan Kushner said.

“There are very few industrial assets like 1150 McBride that provide the site efficiencies and logistic value,” Shulman said. “Amazon was able to see the tremendous value in the location, being 30 minutes to New York City and complete access to over 20 million consumers in the New York Metro area.”

Editor’s note: This story was updated at 11:31 a.m. ET on March 1, 2023, to include additional information from Amazon.

Matrix secures 5 leases at One Riverfront Plaza in Newark

Bringing the property to 85% leased, Matrix Development Group recently secured 37,000 square feet in new leases, expansion and renewals at One Riverfront Plaza in Newark.

The Monroe-based firm also said Feb. 22 that to cater to those new and growing tenants, it welcomed food service provider Cafe Margehrita into the building’s two-story lobby. The eatery relocates to the “Newark Legal Center” from the Gateway Concourse, Matrix said, and will offer Italian-inspired breakfast and lunch options.

One Riverfront Plaza, Newark, known as the Newark Legal Center. – MATRIX DEVELOPMENT CORP.

New office tenants at the property include:

Stradley Ronon – a 200-attorney law firm that has provided financial and corporate counsel to its clients for nearly a century
Radin Consulting – a full-service consulting firm that provides planning, architectural, engineering and construction management services to government clients in major end markets, such as transportation, buildings, facilities and environmental compliance
Hellring Lindeman Goldstein & Siegal LLP – a boutique law firm with practices that include civil and criminal litigation, commercial transactions, white-collar criminal defense, family law and other areas
Greenspoon Marder LLP – a full-service law firm with more than 200 attorneys and over 20 office locations across the U.S.
Freeman Mathis and Gary LLP – a litigation firm that provides counsel to corporations and governments nationwide

“Located in the heart of Newark’s business district, One Riverfront is one of the most ideal transit-oriented office towers in the region, offering equally convenient commutes to professionals who reside in New Jersey’s residential cores and those located in New York City,” said Felicia Arias, vice president at Matrix Development Group, in a statement. “Adding a ground-floor café is just one example of our commitment to providing a curated working environment at the property.”

According to Arias, as occupancy accelerated, the move to add the café was a “critical part of elevating the tenant experience at One Riverfont.” An important factor as employers look for ways to entice and ease employees’ return to the office. In addition to food and drink options, a large seating area and “casual dining atmosphere” also offers another kind of space for client meetings or networking opportunities.

The 20-story Newark Legal Center was built in 1989 and is located at the intersection of Raymond Boulevard and Route 21/McCarter Highway with immediate access to NJ Transit rail and bus options and Amtrak and PATH trains. According to Matrix, the 24/7 property offers “virtually column-free floors, retail space, a sundry shop, an underground parking garage, valet service and a state-of-the-art security system.

“The addition of the new office tenants — as well as several expansions and renewals — is a testament to our success at creating an invigorating office property, and the building is positioned for continued success for years to come,” Arias added.

Faropoint leases 18K square feet in Hoboken

Waterfront Corporate Center I at 111 River St. in Hoboken is a 14-story, 566,000+-square-foot office and retail asset. — The Waterfront Corporate Center in Hoboken. – CUSHMAN & WAKEFIELD

Faropoint is taking up residence at Waterfront Corporate Center I in Hoboken.

Cushman & Wakefield said Feb. 24 it arranged a 18,603-square-foot lease for the data-driven industrial real estate asset manager on the 10th floor of 111 River St. Executive Director David DeMatteis and Senior Director Mina Shehata represented the tenant in the transaction.

At 14 stories and 566,215 square feet, Waterfront Corporate Center I features both office and retail space and is part of an overall three-building, 1.5 million-square-foot complex.

According to DeMatteis, the site was “a perfect fit for Faropoint as they continue to expand their New Jersey footprint.”

Faropoint, which was also previously based in Hoboken, most recently added the 151,000-square-foot home of Marcolin USA in Branchburg to its portfolio. According to the company, it’s acquired more than 400 warehouses since its founding in 2012.

67.4%

The percentage of total 2022 activity represented by Class A leasing as the flight-to-quality amped up, according to Cushman & Wakefield.

Waterfront Corporate Center I features on-site dining options, a fitness center and 180-degree views of the New York City skyline.

“Situated on the Hoboken waterfront, the property provides exceptional Hoboken terminal transit access along with high-performing and efficient workspace,” DeMatteis said of the Class A building.

Last year, SJP Properties, which developed the three-building Waterfront Corporate Center, returned to full ownership of the complex when it, in a partnership with David Werner Real Estate Investments, acquired Waterfront Corporate Center I for approximately $210 million.

Near downtown Hoboken, the property is a short drive from the Holland and Lincoln tunnels and the New Jersey Turnpike.

Bell Works hits 95% leased

Bell Works in Holmdel reached 95% leased with the signing of more than a dozen new office agreements.

Covering 74,474 square feet across six new tenant agreements and nine renewals, the metroburb announced the milestone Feb. 15.

Included among the new tenants are law firm Florio Perrucci and tech company Vydia, while Cisco re-signed for more than 48,000 square feet of space.

“If 2022 has shown us anything, it’s that companies are committed to the post-pandemic ‘office of the future’,” Ralph Zucker, president of Inspired by Somerset Development, the developer behind Bell Works New Jersey, said in a statement. “Key decision-makers at businesses ranging from large enterprises to startups are seeking highly amenitized, and purposefully designed spaces that cater to their evolving needs.”

Bell Works’ 2 million square feet includes retail, food and beverage, and entertainment-based offerings, in addition to a variety of office options.

The agreements cover traditional office space in addition to the property’s pre-built, Ready-To-Wear designer office suites. According to Zucker, “Our Ready-To-Wear spaces are designed with the priorities of modern companies in mind with both short- and long-term leases.”

All of the property’s new office tenants signed on for the RTW space:

Florio Perrucci – 1,005 square feet – full-service law firm with offices throughout New Jersey, Pennsylvania and New York
Sia Partners – 1,122 square feet – next-generation management consulting firm and pioneer of Consulting 4.0
Docupace – 3,292 square feet – a leading digital operations technology provider that simplifies how wealth management firms process and digitize key business functions
Data Pros – 1,189 square feet – Microsoft Managed Service Provider helping small businesses adopt cloud technologies
Goldstone Realty – 1,656 square feet – modern real estate company servicing clients in residential and commercial real estate
Vydia – an additional 2,887 square feet – end-to-end music technology platform and services company

Renewing tenants include:

Quest Group – 520 square feet, RTW space – executive search solutions firm
Prospect Capital Restaurants LLC – 1,580 square feet, RTW space – “fastest growing” restaurant investment group in New Jersey, with 60-plus locations, more than 1000 team members, and over 10,000 customers served daily
Two River Technologies Group LLC – 1,483 square feet, RTW space – IT support firm focusing on helping businesses save time and money on IT services
Smith Eibeler LLC – 1,478 square feet, RTW space – law firm that fights for New Jersey employees’ right to a discrimination free workplace
Comcast (EffectTV) – 6,098 square feet, traditional space – advertising sales division of Comcast Cable that helps local, regional and national advertisers grow their businesses
Garmany of Red Bank – 1,254 square feet, RTW space – corporate office location for the refined clothing store offering designer brands, shoes and accessories for men and women
Cisco – 48,888 square feet, traditional space – worldwide digital communications tech company
Bridge Technology Partners – 478 square feet, RTW space – information technology services company specializing in talent acquisition for both consulting and employment initiatives
The DiGregorio Group – 1,544 square feet, RTW space – financial advisory practice of Ameriprise Financial Services LLC

Chatham-based The Garibaldi Group represented Bell Works New Jersey in all office transactions with a team including President Jeff Garibaldi, Vice President Tara Keating and Broker Support Analyst Lindsey Florio. Bell Works Creative Director Paola Zamudio, and her team at NPZ studio+, curated the interior design for the RTW workspaces.

Colliers Engineering & Design's growth prompted a move from Red Bank to Bell Works in Holmdel. - COLLIERS ENGINEERING & DESIGN — Colliers Engineering & Design’s growth prompted a move from Red Bank to Bell Works in Holmdel. – COLLIERS ENGINEERING & DESIGN

In a separate announcement, Colliers Engineering & Design recently said it relocated its corporate headquarters in Red Bank, space its occupied for nearly two decades, to Bell Works. According to the multi-discipline engineering and architecture, consulting and design firm, growing into the new space follows the company’s strategic plan to continue expanding. According to Executive Vice President and CAO Leonardo Ponzio, Colliers E&D has grown from 50 to more than 300 employees at its Red Bank location since taking up residence there.

“This world-class office space better accommodates our staff in an expanded, collaborative environment, with more meeting and presentation space, and upgraded technology at their disposal,” said Kevin Haney, president and CEO of Colliers Engineering & Design. “We’re very excited to be moving into this premier environment.”

Looking back

Bell Works has also gained momentum at its coworking membership experience, CoLab. In 2022, all 66 private offices were leased, as were 66 of its 68 dedicated desks. Currently, 140 active companies use the space, representing more than 400 people. CoLab’s private office waitlist, Bell Works said, had 110 individuals on it as of Dec. 31.

“Even after we expanded CoLab in 2020 to nearly six times the size of our original space, it hasn’t been enough to keep up with the growing demand for our expertly designed, turnkey spaces,” said CoLab Managing Director Sean Donohue. “As interest continues to rise in 2023, we’ll be identifying new ways to meet those demands and we’re excited for what’s in store.”

Two new retail tenants also came on board in Holmdel in 2022 and one current occupier expanded, according to Bell Works. That roster includes:

Floafers – 800 square feet, new – designer, marketer and producer of innovative foam footwear for men, women, and children
Enchanted Blossoms – 886 square feet, new – local family-run, sustainable flower shop
Fitness Factory Health Clubs – 2,071 square feet, added – rapidly growing brand of high-end health and wellness clubs across New York and New Jersey

Sabre Vice President Sean Pyle and President Justin Korinis represented Bell Works New Jersey in all retail transactions.

Looking ahead, Zucker said Bell Works’ model should continue to benefit from evolving work scenarios and due to the quality, expansive and inclusive nature of the space.

“Whether it’s a result of Bell Works’ singular energy, idyllic setting, or diverse roster of both office and retail tenants, people are placing their bets on the metroburb and we cannot build these spaces fast enough,” he said. “We anticipate this momentum will only grow stronger throughout 2023.”

NJ life sciences sector records vacancy drop in Q4

New Jersey’s life sciences sector closed 2022 on a high note, according to a new report from CBRE, posting a vacancy rate at year-end that marked a drop from the prior period.

During the fourth quarter, New Jersey’s vacancy rate for lab/R&D space came in at 7.4%, down from the third quarter’s 8.1%. And CBRE’s Q4 2022 Life Sciences Figures indicate that trend is poised to continue its decline as strong demand and a lack of supply persist within the market.

The firm pegs the amount of available suburban Class A lab/R&D space in the region at 400,000 square feet – with no significant new construction underway. Meanwhile, CBRE said, six major tenants are seeking space.

Largest leases:

Ascendia – 60,000 square feet
North Brunswick

Porton USA – 15,500 square feet
Cranbury

Dohler – 11,600 square feet
North Brunswick

Nationally, CBRE reported that lab space under construction was up, hitting 40.3 million square feet in Q4 and up about 8% over Q3. Across the 13 largest life sciences markets, N.J. was the only one that had no square footage under construction. With 15.8 million square feet of existing lab space, the state was fourth in those terms.

The average vacancy in the sector nationwide came in at 5.7% for Q4, reflecting an increase from 5.1% in Q3, yet even with the year before and still under pre-2021 levels.

For the full year, the Garden State saw positive net absorption of 97,692 square feet in the sector, according to the report.

CBRE Executive Vice President Thomas Sullivan said New Jersey attracts tenants looking for the most advanced lab space in the region. “Venture capital funding also remained strong throughout the year, reaching $400 million,” he added in a statement.

When it comes to rents, figures in the local metro area were up by $4 to $32 per square foot — under the record-highs seen nationally. CBRE reports that average asking rents rose to $62.16 per square foot in Q4, pegging the increase as likely due to new space coming online in other markets.

Celebrating the sector:

BioNJ recognizes 30 years at anniversary dinner

The Birch Group signs 142K square feet in office leases in Paramus

Nexus 17 in Paramus is a pair of five-story, 250,000-square-foot office buildings located at 15 E. Midland Ave. and 461 From Road. – CUSHMAN & WAKEFIELD

Nexus 17 in Paramus recently secured leases totaling 142,000 square feet, Cushman & Wakefield and The Birch Group announced Feb. 3, bringing the two-building office complex office building to 96% occupancy.

Cushman & Wakefield Executive Director David DeMatteis, Executive Managing Director Benjamin Brenner and Managing Director Mark Zaziski represented The Birch Group, the landlord, in each of the transactions at the approximately 250,000-square-foot property:

Hospital for Special Surgery signed a long-term lease to occupy 40,062 square feet and allowing for the creation of its own self-contained unit within the building. Ranked No. 1 by U.S. News & World Report for orthopedics for 13 years and No. 3 for rheumatology in 2022-2023, HSS is relocating to accommodate its growth and enhance patient access to care. Colliers Brian Given, Bryn Cinque and James Bailey represented the tenant in the transaction
AT&T extended its nearly 80,000-square-foot lease at Nexus 17. The tenant was represented by Cushman & Wakefield Executive Vice Chair Marc Rosenberg. Part of the terms of the wireless carrier and telecommunications company include an early reduction of some of its space to make room for HSS
Hall, Booth, Smith PC signed for 20,120 square feet
Dunn Lamber LLC signed for 6,604 square feet, with CBRE First Vice President Sean Morley represented the tenant
Triple Threat Communications LLC signed for 5,725 square feet and was also represented by DeMatteis

Tenant representation for Hall, Booth, Smith PC was not disclosed.

“We are delighted that these prominent companies decided to choose Nexus 17 and we’re thrilled to welcome them to the complex,” Mark Meisner, president and founder of Jersey City-based The Birch Group, said in a statement. “We acquired these best-in-class assets because of their superior location, high quality improvements and amenities, because we were certain that with our tenant first philosophy, they would continue to outperform the market.”

Nexus 17 is a Class A office complex comprised of two buildings located at the intersection of Route 17 and the Garden State Parkway at 461 From Road in Paramus. A recent capital improvement program brought new lobbies and common areas, a fitness center, cafeteria, conference center and courtyard with outdoor seating and meeting areas to the campus.

AMI Management, an affiliate of the owner, manages the properties.

“We are thrilled to welcome these new tenants to Nexus 17,” DeMatteis said. “The Birch Group’s recently renovated the property to provide tenants with an unparalleled work environment, attracting over 140,000 square feet of new leases despite a challenging office leasing environment, demonstrating their ability to remain creative and flexible to meet tenants’ needs.”

Jersey City’s 10 Exchange Place records 35K square feet in leases

Cushman & Wakefield secured two more leases at 10 Exchange Place in Jersey City — a renewal for EXL and the addition of insurance company Fortitude.

The commercial real estate services firm announced Jan. 31 it arranged the deals, which total 35,240 square feet at the waterfront office property. Executive Director David DeMatteis, Managing Director Nicholas Dysenchuk and Executive Vice Chair Robert Lowe represented the landlord, Manulife US REIT, in the transactions. The property is managed by Manulife Investment Management.

10 Exchange Place, Jersey City — 10 Exchange Place features a glass façade, with an unobstructed window line on all four sides on Jersey City’s waterfront. – CUSHMAN & WAKEFIELD

Business management consultant firm EXL renewed its 17,712-square-foot lease on the 22nd floor of the building, according to Cushman & Wakefield. The tenant was represented by Savills Corporate Managing Director Scott Bogetti and Assistant Director, Integrated Consulting Strategies Meghan Marchini.

Fortitude will also occupy space – 17,528 square feet – on the 22nd floor. JLL Managing Director Michael Shenot, Vice President Andrew Coe and Managing Director, Brokerage Dan Spero represented the tenant.

“10 Exchange Place offers tenants an unparalleled office experience with best-in-class amenities and exceptional waterfront views of Manhattan,” DeMatteis said in a statement. “Leasing in Jersey City remains strong, especially in Class A properties like 10 Exchange Place, as companies continue to renew their commitments on a long-term basis.”

The 30-floor, 740,354-square-foot office building includes a new lobby, on-site food options, a parking garage with bike storage and 360-degree views of New York City. Additionally, the property is adjacent to the Hudson River Walkway and Harborside Center – offering retail, dining and events.

According to Cushman & Wakefield, 10 Exchange Place is the closest office building to the Exchange Place NJ PATH station and minutes from other travel options, including the Hudson-Bergen Light Rail and NY Waterway ferry.

Other tenants at 10 Exchange Place include Kuehne + Nagel and Chubb Ltd. Last October, Cushman & Wakefield secured a tenant for the 17th floor of the building. The year before, the firm arranged a nearly 10,000-square-foot lease with ZIM American Integrated Shipping.

Manulife US REIT is a Singapore-listed REIT that invests in a portfolio of income-producing office real estate in key U.S. markets. Its portfolio, which Cushman & Wakefield said has an aggregate net lettable area of 5.5 million square feet, comprises 12 freehold office properties in Arizona, California, Georgia, New Jersey, Oregon, Virginia and Washington, D.C. Manulife Investment Management develops and manages commercial real estate worldwide as part of its comprehensive private markets’ capabilities.

Avison Young secures North Jersey space for RWJBarnabas Health

RWJBarnabas Health is expanding its presence in North Jersey with the signing of two leases secured by Avison Young.

The commercial real estate services firm with New Jersey offices in Morristown announced Jan. 31 it arranged transactions totaling more than 28,000 square feet in New Providence and Livingston for the West Orange-based health care provider. Covering 26,377 square feet, the space at 630 Central Ave. in New Providence will serve as a training location for regional staff, according to Avison Young. In Livingston, the agreement representing Cooperman Barnabas Medical Center will see RWJBH take up flex space at 315 Northfield Ave.

Principal Roshan Shah, Senior Vice President Steven Geltzeiler and Principal Todd Ohlandt, the latter of the firm’s Atlanta office, represented the tenant in both transactions. In Livingston, Newmark Managing Director Dan Reider represented the landlord, 2100 New Providence LLC.

“Health care remains a top priority for many of us as we return to a more normal way of life, and through these newly leased spaces, RWJBH has the capacity to train and deliver the experienced professionals northern New Jersey communities rely on,” Geltzeiler said in a statement.

Avison Young announced Jan. 31 two new lease transactions arranged for RWJBarnabas Health, including a 26,377-square-foot agreement at 630 Central Ave. in New Providence. – AVISON YOUNG

Together with the firm’s consulting practice, Avison Young said it is also working on a comprehensive consulting assignment for RWJBH as the provider explores creating greater efficiencies at its larger facilities in the region.

“As the single largest health care provider in New Jersey and among the biggest health systems in the nation, we are incredibly fortunate to have these opportunities to partner with RWJBarnabas Health on evaluating and implementing the organization’s corporate real estate strategy across their vast portfolio,” Shah said.

Last fall, RWJBarnabas Health announced a new executive position, bringing on Stephen Barry as executive vice president of facilities management and real estate development to help guide the system as it navigates the changing physical landscape of where and how care is provided.

“We’re thankful to Avison Young for their deep real estate expertise, including specifically with health care organizations, and for delivering favorable real estate outcomes for RWJBarnabas Health,” Barry said. “Partnering with Roshan, Steve, and Todd at Avison Young has been immensely valuable.”

ICYMI:

Avison Young names Stone managing director for NJ

The Rail at Red Bank adds 2 retail tenants

Denholtz Properties’ ground-up mixed-use development The Rail at Red Bank is rounding out its retail tenancy with two new leases.

The commercial real estate development and investment company said Jan. 26 it negotiated leases that will bring Filoncino Café and Todd Goldstein DDS to the property located at 118 Chestnut St. in the municipality’s emerging West Side neighborhood.

Both are expected to open in mid-2023, according to Denholtz Properties, and each tenant’s lease at The Rail at Red Bank marks the second location for the business.

Filoncino Café, a Staten Island-based Italian bakery and café, will occupy a 2,500-square-foot space. The eatery offers more than 120 sandwich options in addition to a range of fresh baked goods, desserts and Italian specialty items.

Todd Goldstein DDS currently operates an office at 39 Broadway in Manhattan. He will expand his cosmetic dental services to New Jersey from a 2,214-square-foot space in Red Bank.

Home sweet home

Residents began moving into The Rail at Red Bank last fall.

One of the amenity decks at The Rail at Red Bank from Denholtz Properties.

The property features 57 units, amenities and a total 7,500 square feet of ground-level retail space. The exterior features a striking design from Livingston-based Rotwein+Blake.
Read – and see – more here.

The new additions join Melonhead, the property’s first retail tenant.

“The Rail at Red Bank was born from the idea that real estate investment can and should be a catalyst for positive economic development in our local neighborhoods,” said Kristine Hurlbut, senior vice president, Leasing at Denholtz Properties. “We are honored that Filoncino Café and Todd Goldstein DDS, share our vision for the West Side of Red Bank and we look forward to their openings …”

Farther north in Central Jersey, Denholtz Properties is seeking to apply that model in Bound Brook in Somerset County.

As part of a joint venture with Redwood Real Estate Group, Dentholz announced plans for The Rail at Bound Brook last fall: a 143-unit multifamily development located within an Opportunity Zone and a designated New Jersey Department of Transportation Transit Village.

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