The word “growth” is not so common when discussing the types of tenants and industries that account for much of New Jersey’s office market. It’s one reason why landlords, politicians and other stakeholders have so actively courted technology firms and other users that are more likely to expand over time, as we’ve often highlighted over the years.
How startups can impact the industrial sector is a theme that we haven’t covered nearly as often. Fortunately, we highlight one such example in our June cover story. As you’ll read, a company known as Osmo has filled and activated nearly 60,000 square feet of new warehouse space in Elizabeth, unveiling a cutting-edge headquarters and production hub. The so-called digital scent company, which uses artificial intelligence to create custom fragrances, debuted the space in mid-May after what was an exhaustive but fast-paced search that wound up just south of Port Newark-Elizabeth. That involved several top players in New Jersey commercial real estate, including developers Kurv Industrial and Elberon Development Group. It also involved a skilled design team that helped with the facility’s highly specialized infrastructure, supporting the arrival of a business that has public officials understandably excited.
“This is a company working at the intersection of artificial intelligence, neuroscience, chemistry, molecular data, manufacturing and human artistry,” Kellie Doucette, New Jersey’s chief operating officer, said during the May 12 ribbon cutting. “That’s not easy work. That’s highly technical, it’s creative and it reflects where so much of the modern economy is headed.”
Our latest issue also highlights the new-look campus known as Arena, which is taking shape along Route 10 in East Hanover and will ultimately span some 600,000 square feet of office, research and development, technology and light manufacturing space across six buildings. Its owner, New Vernon Equities, has committed more than $20 million to the project in the past year alone as part of a plan to reposition it into a contemporary, amenity-rich workplace that is distinct from the legacy pharmaceutical campus directly to its west. Many of those upgrades, all made on a speculative basis, are already on display. Others will take shape in the months ahead as it looks to energize a site that includes two existing Class A office properties totaling 350,000 square feet.
Elsewhere in this edition, we bring you an update on the Profeta Center for Innovation and Entrepreneurship at New Jersey Institute of Technology. The fast-growing program has completed its latest cohort with more than 80 participants and a curriculum that helped sow nearly two dozen minority-led businesses, following a nine-week workshop that covered everything from naming and registering a business to market research and analyzing financial statements. Paul V. Profeta, the publisher of Real Estate NJ, is the force behind the program as both an instructor and as its benefactor, having made the single-largest donation in NJIT’s history to launch the entrepreneurship center in 2021 and the new Profeta Real Estate Technology, Design and Innovation Center. We’re thrilled to continue to showcase the important work of this workshop, especially with the real estate center now celebrating its own launch.
You can find those stories and more in the latest issue of Real Estate NJ and online at RE-NJ.com. Until next time, thanks for reading. Enjoy the issue!
Joshua Burd
Editor
