After a sleepy first half of the year, New Jersey’s office market woke up in the third quarter. And it did so in a big way — thanks to a flurry of high-profile leases that reached the finish line.
Market Sectors
New Jersey has an unmatched location and a population that developers dream about. It’s no wonder the commercial real estate industry is flourishing and evolving across all segments of the market.
Christie, lawmakers reach deal to fund road projects
A bipartisan deal, unveiled Friday at the Statehouse, calls for raising the state’s gas tax for the first time since 1988 to replenish the Transportation Trust Fund. The 23-cent-per-gallon increase will fund a $2 billion TTF plan over the next eight years, with 100 percent of gas tax revenues constitutionally dedicated to repair and replace the state’s roads and bridges.
Russo details mixed-use plans for iconic Hess property
The landmark Hess tower in Woodbridge may be getting some company in the years ahead. That’s according to a plan laid out Wednesday by developer Ed Russo, whose firm is part of a joint venture that aims to acquire and transform some 30 acres around the iconic building. He said the Carlstadt-based firm and its partner, Onyx Equities, intend to build a mixed-use community with roughly 600 residential units and 40,000 square feet of retail space.
