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TM3
COUNT ON OUR CAPITAL. BUILD YOUR BUSINESS.
Walter Sierotko, EVP 732.726.5516
TOTAL TEAM
LENDING
RECENTLY FINANCED
COMMITMENT YOU CAN COUNT ON.SM
$20,000,000
MULTIFAMILY CONSTRUCTION LOAN 67 UNITS + 8,650 SF RETAIL BUILDING HO-HO-KUS, NJ
$16,300,000
COMMERCIAL MORTAGE – INVESTMENT PROPERTY 236,000 SF RETAIL BUILDING POHATCONG, NJ
$16,200,000
COMMERCIAL CONSTRUCTION LOAN 105,000 SF INDUSTRIAL BUILDING CHESTER, PA
$24,600,000
COMMERCIAL MORTAGE – INVESTMENT PROPERTY
35 ACRE INDUSTRIAL BUILDING MORRISVILLE, PA
www.Provident.Bank
CONTENTS
JANUARY 2024
Features
16 Market Forecast
Predictions from commercial real estate
industry leaders
22 Special Editor’s Note
A proud moment as NJIT’s Newark Startup Studio
graduates 45 minority entrepreneurs
24 Central Focus
Multifamily projects, public investments setting the
stage for new-look downtown in Berkeley Heights
28 Legacy Moment
Inside the landmark deal to bring Nokia Bell Labs
to New Brunswick’s HELIX campus
31 Looking Ahead
Local officials weigh their options amid news that
Bell Labs will leave Murray Hill
Departments
6 The Briefing
Remembering Marc Berson, a giant in business, philanthropy, plus other top stories in commercial real estate
13 Deal Sheet
A roundup of CRE leases, sales and financing
27 Policy Page
NAIOP NJ’s New Year’s resolution: Let’s get the next
Energy Master Plan right
36 People on the Move New hires and executive moves
ON THE COVER: Plans for H-2, the second phase of the Health & Life Science Exchange in downtown New Brunswick, will include 360,000 square feet of build-to-suit lab and office space for Nokia Bell Labs. It would rise alongside a first phase that’s now under construction and slated to include a facility known as the New Jersey Innovation HUB, a new home for the Rutgers Robert Wood Johnson Medical School and a center for translational research.