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.

Trend Watch
Office leasing velocity gains traction

More than 2.3 million square feet leased during Q3 compared to a lagging 1.4 million square feet in Q1 2018. A 33.0 percent increase in active tenant requirements from one year ago represents nearly 6.0 million square feet. Accelerated leasing velocity is expected to continue in Northern and Central New Jersey through year-end 2018 and into 2019.

Office
ON3: Prism planning speculative 150,000 sq. ft. lab building in Nutley

Amid continued demand for high-end research and development space, Prism Capital Partners is planning a new ground-up laboratory building at its ON3 campus in Nutley and Clifton.

Office
WCRE: Law firm takes 2,500 sq. ft. in Cherry Hill

A national law firm has leased more than 2,500 square feet at a Cherry Hill office building, brokers with Wolf Commercial Real Estate announced Friday.

Office
JLL touts 65,000 sq. ft. in leasing at 3 Gateway in Newark

Four tenants have leased a combined 65,000 square feet at a well-known building in downtown Newark, where ownership is reaping the benefits of a multimillion-dollar renovation.

Professional Services
WCRE adds political, community relations veteran

Wolf Commercial Real Estate has hired a new director of community relations, with the goal of expanding its reach with local officials and businesses throughout the state.

Office
Atlantic City milestone: New HQ tower marks completion of Gateway project

South Jersey Industries has opened the doors to its new 72,000-square-foot headquarters in Atlantic City, joining Stockton University’s new campus as part of a high-profile, $210 million project to diversify the city’s economy beyond gaming.

Office
Paramus office complex sells for $74 million

A joint venture has sold a two-building, 304,000-square-foot office complex in Paramus after acquiring it in 2016 and completing more than $3 million worth of upgrades.

Office
DeMarco, Pozycki see a corporate anchor as the next step for Jersey City waterfront

The sweepstakes for Amazon’s second headquarters had ended just a few hours earlier, but Mike DeMarco invoked the name of another technology giant with an outsized footprint. With less fanfare, comparatively speaking, Google in recent years has steadily grown its presence across Manhattan’s West Side, energizing neighborhoods such as Chelsea and the Meatpacking District. And published reports say the company is preparing for another major expansion that would push its portfolio in the city beyond 6 million square feet.

It’s the kind of story that Jersey City can only hope for. DeMarco doesn’t think it’s so far-fetched, given all the city has to offer.

Office
MDC, Bukiet sell Clark office building for $10.5 million

A joint venture has sold an office building in Clark after three years of ownership, fetching more than $10.5 million for the recently upgraded, 76,000-square-foot property.

Office
Media firm takes 8,000 sq. ft. in Park Ridge, NAI Hanson says

A digital marketing and publishing firm has leased 8,000 square feet at an office building in Park Ridge, under a newly announced transaction by NAI James E. Hanson.