Office

New Jersey’s office market is evolving by the day, but this fact remains: The state’s location and educated workforce make it a highly desirable place for tenants of all shapes and sizes.

Office
Repositioned Parsippany office building fetches $66 million

A buyer has paid $66 million to acquire a 400,127-square-foot office building in Parsippany, the site of a well-known effort to renovate and transition the property to a multitenant asset.

Retail
Camden office tower developers unveil plans for new restaurants

Two restaurants are coming to the high-profile, waterfront office tower in Camden that will become the headquarters of three influential South Jersey companies.

Government & Public Policy
EDA aims to lure grocery co-op from Staten Island, keep food service firm in Paterson

The state is hoping to coax a supermarket co-op to move its offices from Staten Island to Old Bridge as part of a recently approved tax credit incentive, as it moves to keep another food-related company from moving jobs out of New Jersey.

Government & Public Policy
EDA: Biopharma firm mulls purchase of 85,000 sq. ft. Somerset building

A biopharmaceutical company is weighing plans to acquire an 85,371-square-foot industrial building in Franklin, having won approval for a 10-year, $13 million tax credit package from the state Economic Development Authority.

Professional Services
Garibaldi adds first-ever managing broker as part of historic rebrand

The Garibaldi Group has hired a veteran broker and consultant who will play a key role in the firm’s efforts to revamp and expand its real estate services platform.

Office
Colliers inks lease, subsequent sale of Camden County medical office building

A medical office building in Camden County has changed hands after inking a lease with an area health system, in a series of transactions completed by Colliers International.

Office
Voorhees medical office building trades for $3.6 million

A contractor has acquired a 20,000-square-foot medical office building in Voorhees for more than $3.6 million, under a newly announced transaction by Rose Commercial Real Estate.

Event Coverage
People on streets: Retail, amenities a growing focus as Newark development boom continues

As developers continue to invest in downtown Newark, the city is attracting both new residents and businesses. That makes it all the more important to create amenities and spaces that will bring permanent foot traffic during the day and at night, which has become a growing focus for both public- and private-sector leaders in the state’s largest city.

Office
Mack-Cali inks $488 million sale of 3.1 million sq. ft. flex portfolio

Mack-Cali Realty Corp. has agreed to sell a 56-building, 3.1 million-square-foot office and flex portfolio for nearly $490 million, which it will use to pay down debt and fund its purchase of a Jersey City apartment building.

Office
How ‘agile real estate’ can help leasing, property values

Major tenants and occupiers are now taking a closer look at agile real estate offering nimble, dynamic layouts in which employees can float from one type of a work area to another or move seamlessly between office locations. That means developers and landlords should be following suit if they plan on staying competitive in a quickly changing office sector.