A joint venture has secured $22 million in financing for its plan to expand a Newark office building and repurpose it as a new 10-story, 92-unit multifamily property.
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.
Another chapter
As you’ll read in this month’s cover story, the city of New Brunswick ended 2023 on a high note when Nokia announced that it would become the new home of its iconic Bell Labs division. The company, which will move from its historic campus in the Murray Hill section of Union County, plans to occupy a built-to-suit, 360,000-square-foot research tower at the new HELIX campus by 2028. It’s slated to do so under a lease with SJP Properties, which will build the facility in partnership with New Brunswick Development Corp., the project’s master developer, in a signature deal for the city and for the three-building, multibillion-dollar redevelopment project.
