By Joshua Burd
A broker with The Garibaldi Group has completed new office leases in Jersey City, Florham Park and Summit, highlighting the appeal of three distinct submarkets in New Jersey.
Arranged by the firm’s Jackie Madden, the deals include a transaction by Denham Capital Management, which committed to 3,574 square feet at Harborside Plaza 10 in Jersey City. The global energy, resources and sustainable infrastructure investment firm is leasing prebuilt space, the broker said, noting that it was seeking a vibrant urban setting that would appeal to existing employees and help with recruitment going forward.
“In a hot market like Jersey City, the right building can make all the difference,” Madden said, also citing the building’s proximity to restaurants, shops and public transit and Jersey City’s residential offerings.
Cushman & Wakefield’s Robert Rudin, Dirk Hrobsky, David DeMatteis and Mina Shehata represented the building owner, Black Creek Group.
“Denham Capital took a prebuilt unit in a building that had significant capital investment by the landlord,” Madden said. “Especially in a market like Jersey City, a dependable, reputable landlord makes all the difference. That’s why on the waterfront you’re seeing owners partner on projects to offset the immense cost, which is an acknowledgement of the fact that in that market in particular, making important building improvements pay off.”
Madden also represented Integra Realty Resources, a firm providing commercial real estate market research, valuation and advisory services, in finding a space to support its growing workforce. That brought the tenant to 25 Vreeland Road in Florham Park, which boasts strong highway access and high-end amenities only available on a larger suburban campus.
Integra is leasing roughly 3,300 square feet from Bergman Real Estate Group.
“After two years of COVID protocols and isolation, I know Integra was excited to utilize the beautiful outdoor courtyard and conference center for connecting and collaborating with team members,” Madden said.
“Many of these properties in Florham Park offer much larger floorplans, and an array of options for tenants. That is especially appealing to companies who may plan to further expand in the future,” she added. “These campuses also provide ample parking and plenty of green space, which is hard to find in a downtown area and can play a big role in improving quality of life for employees. We were able to find just the right space for Integra, close to everything but with enough space for expansion.”
The third Madden client, Spark Carwash, has taken space in Summit, viewing it as a middle ground between the downtown vibe of Jersey City and bucolic Florham Park. The user is leasing a prebuilt unit at 89 Summit Ave., which provides quick access to the city’s downtown retail and restaurants offerings and easy access to both trains and highways.
“You are seeing a lot of satellite offices and well-capitalized startups taking up space in Summit,” Madden said.
Spark Carwash, which was working out of a co-working space in the city, had grown by 60 percent and sought to find a more permanent home. Yet Madden noted that the user was committed to staying in Summit.
“It’s a beautiful plug-and-play space, and it fit everything they were looking for, right in the heart of Summit,” Madden said.