Page 20 - RE-NJ

18 SUMMER 2022
NEW DIGS
Prologis has expanded its office in East Rutherford from 7,000 to 11,000 square feet, with
a redesign meant to house its growing team in the region while complementing its company culture.
It’s also meant to promote comfort, collaboration and productivity, with an abundance of glass and natural light, a host of meeting areas and technology to help its team connect with those in the office and in other locations. The industrial real estate giant says as much in a description of the new base of operations.
“It’s a multifunctional space, featuring a modern lounge complete with a coffee bar and beer tap to entertain customers
and real estate brokers as well as provide employees a space
to hang out and collaborate. Contemporary décor and details that reflect the region’s offerings can be seen throughout the space, with hardwood floors, hanging light fixtures, a mix of trendy artwork and more.
“Additionally, the primary conference room features a Liquid Galaxy screen, giving
our team members the ability to ‘fly around’ Google Earth, view panoramic video and photos, develop interactive tours and graphically display GIS data. The office space also has a wellness room, a variety of plant life and work areas that can be configured in different ways.”
Prologis has also redesigned its other offices in the New Jersey and New York market.
into supply chain issues just like everyone else and we’re able to use our scale to help them get racking and forklifts in a timely manner, help them get a lot of the operational goods that they need to get their facilities up and running.”
INSIDE PROLOGIS’ DEAL FOR DUKE REALTY
Prologis Inc. will add nearly 10 million square feet to its New Jersey portfolio after agreeing to acquire Duke Realty Corp., in an all-stock, $26 billion transaction that spans more than 150 million square feet
of combined industrial space in 19 major U.S. markets.
The blockbuster merger, announced in mid-June, will grow Prologis’ footprint in a state that is already one of its top locations. The overall deal also includes 11 million square feet of in-progress development valued at some $1.6 billion and 1,228 acres of land owned and under option with a build-out of roughly 21 million square feet, although it was not immediately clear how much of that pipeline is in New Jersey.
Duke Realty, which is based in Indianapolis, has become a key player in the booming industrial sector, having shed a sprawling office portfolio to focus purely
on logistics space. The company made its entrance to New Jersey in 2013, purchasing three buildings in Cranbury and Logan Township with a combined 1.3 million square feet, while developing a three-building, 1.1 million-square-foot industrial park in Linden as its first ground-up project in the state.
“We have admired the disciplined repositioning strategy the Duke Realty team has completed over
the last decade,” said Hamid R. Moghadam, co-founder, chairman and CEO of San Francisco-based Prologis. “They have built an exceptional portfolio in the U.S. located in geographies we believe will outperform in the future. That will be fueled by Prologis’ proven track record as a value creator in the logistics space. We have a diverse model that allows us to deliver even more value to customers.” RE
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attractive than it is today.
“With industrial being a hot property type and in the news, people are more apt to want to come over to the industrial side,” Harty said, adding that most of the company’s recent additions in New Jersey have been focused on development and operations.
Its new hires in 2022 also include David Wilson as an Essentials solutions associate, who joins Essentials Solutions Manager Tyler Steinetz on a team that figures to grow in the years to come. Launched locally in 2020, the program helps
tenants source products and services needed to run their warehouses and fulfillment centers, among other offerings.
Such services are all the more important as rental rates rise and tenants look to go vertical in their buildings, seeking to be more efficient with their space, Harty said. The REIT also provides resources related to move-outs, transportation, energy and digital infrastructure.
“It’s all about listening to the customer and understanding their pain points and how we can help them out,” he said. “They’re running