A charter school has a new home in downtown Newark after a signing a 50,000-square-foot lease with the Berger Organization, in a deal arranged by Newmark Associates CRE.
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.
Real estate icons among honorees at Meadowlands Chamber gala, 50th anniversary celebration
If there was any doubt about the commercial real estate industry’s impact on northern New Jersey, this year’s Meadowlands Chamber Legacy Awards Reception was a clear reminder. The organization hosted the annual gala on Oct. 12 while marking the 50th anniversary of its founding. Fittingly, it also unveiled a list of the 50 most influential people in the region’s history — including more than a dozen iconic developers and real estate service providers, from Jerry Gottesman and Jon and Peter Hanson to Gretchen Wilcox and Dave Gockel.
Waterfront reboot
As you’ll read in this month’s cover story, 601W Cos. is drawing on that experience as it prepares to reposition the 2 million-square-foot Harborside property, which it acquired earlier this year from Veris Residential Inc. for a whopping $420 million. Its plans include the addition of important but notably absent amenities such as a fitness center, a conference center and a tenant lounge, as well as a 10,000-square-foot rooftop deck that will provide uninterrupted views of Manhattan. That vision will take shape in the months ahead as 601W looks to meet the demand for dynamic, upscale spaces despite unease within the office market — with the belief that the best is still to come for Jersey City.
Owners Council Q&A: Sam Morreale
The market is greatly divided today between corporations that are making major investments in new facilities to attract and retain employees in a still-to-be-determined “back to work” versus “hybrid employment” environment. The remaining part of the market is indecision of corporations on utilization of their current office footprints versus the potential of downsizing due to a work at home component. Decisions also need to be made for improvements on an existing facility, whether it be to potentially right-size or relocate to a more modern and amenitized facility consistent with the employer leaders mentioned earlier.
