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.

WCRE brokers sale of Cherry Hill office building

A freestanding medical office building in Cherry Hill has changed hands, following a sale arranged by Wolf Commercial Real Estate.

Kearny Point, Bell Works among sites eligible for EDA rent grants for startups

The state has approved nine locations at which technology or life sciences startups can apply for rent support grants that would help them move into incubators, accelerators or co-working spaces, including some of New Jersey’s largest redevelopment projects.

Atlantic Realty begins construction for 1,200-unit town center project in Ewing

Atlantic Realty Development Corp. has broken ground on a project that will bring nearly 1,200 apartments and 120,000 square feet of commercial space to the former site of a General Motors plant in Ewing.

Parting thoughts: Outgoing NAIOP New Jersey president reflects on chapter’s growth — and continued priorities

As Dave Gibbons wraps up his two-year term as NAIOP New Jersey’s president, he says the organization has made strides with public policy goals such as a new performance bond law and liquor license reform, while growing to nearly 850 members to become the association’s sixth-largest chapter in the country. But he believes there is always more work to be done in both the legislative arena and when it comes to networking and recruitment.

Washington preps for divided government in 2019: New Jersey may benefit

A newly elected Congress returns in January with Republicans enjoying a slightly expanded majority in the Senate and Democrats taking charge of the House of Representatives for the first time since 2010. I believe that the shift of power in the House to a Democratic majority has opened some opportunities for those of us in New Jersey commercial real estate.

Marcus: Investors testing new markets amid competition for northern N.J. multifamily deals

Investor appetite for northern New Jersey’s multifamily sector showed few signs of slowing down in 2018, causing buyers to explore new frontiers in the market, move more aggressively and expand into other asset classes. That’s according to brokers with Marcus & Millichap, who say that out-of-market buyers from New York City and elsewhere have begun to pivot in recent months in order to find new deals.

Policy watch

I’ll admit it: The prospect of writing about technical, complex environmental policy can be daunting and frustrating. Especially when it’s not your everyday beat. But there’s no getting around the importance of one policy in particular, at least when it comes to the future of New Jersey commercial real estate. If you polled a group of developers and service providers, many would tell you that the state’s Licensed Site Remediation Professional program has been critical, helping to unlock new opportunities at formerly contaminated sites and adding to the momentum of red-hot product types like industrial and multifamily. Some might find it hard to believe that next May will mark a decade since the program was born under the landmark Site Remediation Reform Act. But with that milestone fast approaching, the LSRP system is getting a fresh look from policymakers and stakeholders.

New York-based marketing firm eyes HQ move to Paramus, 25,000 sq. ft. lease

A marketing firm based in Rockland County, New York, is weighing a move to Bergen County, where it would lease nearly 25,000 square feet in connection with an incentive package approved by the state Economic Development Authority.

With newest lease, Bell Works hits 1 million sq. ft. milestone

Somerset Development has reached a new milestone at its landmark Bell Works project in Holmdel, surpassing more than 1 million square feet of leasing activity for office space at the repositioned former Bell Labs campus.

Tinton Falls office building sells for $14.25 million, Kislak says

A New York-based investor has acquired a two-building, 132,272-square-foot office complex in Tinton Falls, in a $14.25 million sale arranged by The Kislak Co. Inc.