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.

Deals
KenKap: Route 46 office, restaurant properties in Parsippany trade for $4.2 million

A local investor has purchased the site of an office building and an adjacent restaurant property in Parsippany for $4.2 million, in a transaction arranged by KenKap Realty Corp.

Finance & Capital Markets
Pharma firm seeking buyer for active 249,000 sq. ft. R&D facility in Elizabeth, JLL says

The owner of an active research and development facility in Elizabeth has placed the property on the market for sale, in an offering by JLL’s New Jersey capital markets team.

Office
Metal supplier inks 7,000 sq. ft. office lease in Somerville, Deluccia says

A global supplier of ores, metals and alloys has taken more than 7,000 square feet at an office building in downtown Somerville, according to the Deluccia Commercial Group.

Office
Newmark inks new leases, renewal at Bloomfield office park totaling 40,000 sq. ft.

A maker of high-end fitness equipment has leased more than 15,000 square feet of office space in Bloomfield, in one of several newly announced deals by Newmark.

Professional Services
NAI Fennelly rebrands as Fennelly Associates

NAI Fennelly, the longtime commercial real estate services firm based in Hamilton, has announced its rebrand to Fennelly Associates.

Top News
The best of The Briefing 2022

We’re always excited to look ahead to a new year in New Jersey commercial real estate. First, however, please join us in looking back at our top stories of the year, including our most-read items and a few editor’s picks. Happy New Year and best of luck!

Office
JLL: Parsippany office building sells for $88 million, in latest trade of 400,000 sq. ft. property

Signature Acquisitions has added to its suburban office portfolio in New Jersey with its purchase of a well-known, 400,000-square-foot property in Parsippany for $88 million.

Top News
NAIDB: New Jersey CRE market shows strength across property types, despite headwinds

Commercial real estate in New Jersey continues to draw investors and tenants at a robust pace, despite economic uncertainty, with even less-heralded asset classes such as office and retail showing signs of health in recent months.

Office
WCRE: Conrail takes 32,000 sq. ft. at Mount Laurel office building

Conrail has leased more than 32,000 square feet at a recently updated office building in Mount Laurel, according to a brokerage team with Wolf Commercial Real Estate.

Deals
CPN: Plumbing, heating business buys Princeton building for new headquarters

A local plumbing and heating business has purchased a 5,000-square-foot building in Princeton, securing a space that will become the company’s home starting in 2023.