I’d venture to say that green design is still underappreciated as a practice and as an industry within the broader commercial real estate sector. I’ll even take some ownership of that, as someone who is meant to highlight where the market is and where it’s going in the great state of New Jersey, including the increasingly important topic of sustainability. That’s our focus in this month’s cover story, where we explore some of the more cutting-edge, eco-conscious features that multifamily builders are weaving into their projects. That includes everything from rainwater recycling to on-site composting systems that produce fertilizer for landscaping, as we find in a new luxury rental property in Jersey City. Halpern Real Estate Ventures, the developer of what’s known as Birch House, says those choices stem from the firm’s own corporate philosophy and a desire to meet the market where it’s going, even if those features are not quite widespread in New Jersey (not yet, anyway).
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Meeting a need
There’s a group of towns in New Jersey that have the ultimate name recognition for those who live nearby or even those outside the state. As many of our readers can attest, Montclair is clearly one of those communities, with the vast selection of shops, restaurants and cultural spots that line its downtown and residents who are as engaged as any in the state. As you’ll read in this month’s cover story, Montclair is also increasingly popular with office tenants, but with a lack of Class A space, those requirements are largely going unmet. BDP Holdings aims to change that with a newly unveiled project known as The Iris, a proposed ground-up development that would include 124,000 square feet of office space, street-level retail and structured parking — all of it in the heart of the central business district.
Another chapter
As you’ll read in this month’s cover story, the city of New Brunswick ended 2023 on a high note when Nokia announced that it would become the new home of its iconic Bell Labs division. The company, which will move from its historic campus in the Murray Hill section of Union County, plans to occupy a built-to-suit, 360,000-square-foot research tower at the new HELIX campus by 2028. It’s slated to do so under a lease with SJP Properties, which will build the facility in partnership with New Brunswick Development Corp., the project’s master developer, in a signature deal for the city and for the three-building, multibillion-dollar redevelopment project.
State officials promise a proactive approach to repurpose Bell Labs campus in Murray Hill
The news that Nokia Bell Labs will build a new research and development hub in downtown New Brunswick — ensuring that it remains in New Jersey — was undoubtedly triumphant. But it was not lost on Gov. Phil Murphy that the company would be leaving its home of more than 80 years in the Murray Hill section of Berkeley Heights and New Providence.
