Covering real estate had never crossed my mind when I came out of school and started as a metro reporter in Middlesex County. But it wasn’t long before I found myself at council meetings and planning board hearings, listening to developers make their pitch to a town.
Experts say the struggles of New Jersey’s suburban office market are not as clear-cut as many still believe. Those challenges are in fact real, but there are still plenty of opportunities for owners and developers to make a splash.
The developers of the first modern, transit-oriented multifamily project in Westfield say they’re on track to open the doors of the 70-unit building by this spring. For the joint venture behind the luxury rental community, there’s no overstating the anticipation for delivering a project in one of the state’s most well-known, well-established downtowns.
Several of New Jersey’s largest, most prominent life sciences complexes are now on the path toward redevelopment, with new anchor tenants in place or new owners that can reclaim the value of what was left behind.
In the most high-profile cases, a team at JLL has been right in the thick of it.
The resurrection of the Roche property in Nutley and Clifton is well underway — and Prism Capital Partners is already seeing tangible signs of the promise that its sprawling campus holds.
For all the appeal of the five modern, institutional-grade office and R&D buildings that were left standing on the former Roche campus, there is still work to be done. In fact, Prism Capital Partners is planning a multimillion-dollar renovation at three of the buildings.
The planned Seton Hall-Hackensack Meridian School of Medicine is undoubtedly driving much of the interest at the former Roche campus. But it’s certainly not the only attraction.
It was New Jersey’s largest industrial lease of the fourth quarter — and it was a fitting end to the year for a market that has been fueled by e-commerce tenants and big box construction. But the commitment by Modway Furniture was every bit as notable for its location as it was for its size.
It was a 27-acre land sale last September that gave way to one of East Windsor’s newest industrial projects, but it wasn’t the first time the property had changed hands.
Transwestern, which is now marking five years since it officially opened in New Jersey, has since become a player in the state’s office, industrial and retail sectors. It has seen its annual transaction volume double since 2012 — while its property management portfolio has grown during that time to 4 million square feet from 485,000 square feet — with a platform that offers more than just brokerage services.