The lineup is set for next week’s Rutgers Center for Real Estate symposium on distressed property, where some two dozen industry experts will tackle the issue through the lens of a detailed case study.
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.
An uneven recovery? NAIOP panelists see different paths for different asset types in 2024
The state’s industrial and office sectors both faced headwinds in 2023, but the year ahead for each asset class may be decidedly different. That was a key takeaway last week from panelists at NAIOP New Jersey’s Annual Meeting and Commercial Real Estate Outlook, who noted that demand for warehouse and logistics space has normalized after a record-breaking run during the pandemic. Office landlords, meantime, are still grappling with shrinking corporate footprints and remote work policies, further straining submarkets that are both aging and oversupplied.
State officials promise a proactive approach to repurpose Bell Labs campus in Murray Hill
The news that Nokia Bell Labs will build a new research and development hub in downtown New Brunswick — ensuring that it remains in New Jersey — was undoubtedly triumphant. But it was not lost on Gov. Phil Murphy that the company would be leaving its home of more than 80 years in the Murray Hill section of Berkeley Heights and New Providence.
