NAIOP New Jersey will host its annual gala on May 16 — Photo by Gary Gellman Images/Courtesy: NAIOP
By Joshua Burd
NAIOP New Jersey has announced the finalists for its coveted Deal of the Year awards, highlighting six of the state’s most impactful projects and transactions of 2018.
The commercial real estate association, which will host the 32nd annual awards gala on May 16 at The Palace at Somerset Park in Somerset, revealed the nominees in the industrial, office and mixed-use categories. The projects and the descriptions from NAIOP are as follows:
Linden Logistics Center, Linden: With over 100 years of chemical manufacturing, 30 total years of environmental cleanup and 15 years of vacant, idle land at Tremley Point, Linden, in 2018, it was time for the team of Greek Development, Advance Realty and CBRE to acquire the site and start the 4.1 million-square-foot warehouse redevelopment and transformation on this site.
- Involved in the deal: CBRE; Advance Realty; and Greek Development.
Quest Diagnostics Lab at Prism’s ON3, Clifton: Quest Diagnostics purchased a 12-acre parcel at Prism Capital Partners’ ON3 for the construction of a 250,000-square foot laboratory — the first new ground-up development at the former Hoffmann-La Roche North American headquarters campus. This highly significant transaction punctuates the ongoing transformation of the 116-acre site into a vibrant, multitenant lifestyle hub.
- Involved in the deal: Prism Capital Partners LLC; Quest Diagnostics; CBRE; Fox Rothschild LLP; Waters, McPherson, McNeill, P.C.; Flad Architects; and GRE.
Gateway Center Acquisition, Newark: A new era for Gateway Center in Newark as New Jersey’s most prominent transit hub office complex is now under majority ownership. The joint venture among Garrison Investment Group, Axonic Capital LLC, Taconic Capital Advisors, Prudential Financial and Onyx Equities LLC acquired One, Two and Four Gateway Center.
- Involved in the deal: Onyx Equities LLC; Garrison Investment Group; Axonic Capital LLC; Taconic Capital Advisors; and Prudential Financial.
Integra LifeSciences HQ Relocation, Princeton: Cushman & Wakefield facilitated the headquarters consolidation for Integra LifeSciences, a world leader in medical technology and Fortune’s 100 Fastest Growing Companies, into a 167,000-square-foot trophy Class A building in Princeton. The ultimate transaction involved a lease buyout, purchase of an existing installation, execution of a new lease and awarding of state incentives.
- Involved in the deal: Cushman & Wakefield; Integra LifeSciences; HLW International; Black Creek Group LLC; Fox Rothschild LLP; Sills Cummis & Gross P.C.; and Newmark Knight Frank.
Teva Pharmaceuticals HQ Lease at MCCBLUE, Parsippany: In New Jersey’s largest office lease of 2018, Teva Pharmaceuticals USA leased 345,000 square feet at P3 Properties’ MCCBLUE. Cushman & Wakefield and JLL brokered the long-term deal, through which the world’s largest generic medicines maker will relocate its U.S. headquarters from Pennsylvania to Parsippany, supporting over 1,000 jobs.
- Involved in the deal: Cushman & Wakefield; P3 Properties; JLL; and Teva Pharmaceuticals.
400 Claremont, Jersey City: Cole Schotz represented 400 Claremont Renewal LLC on its purchase and plans to redevelop a 2.73-acre site located at 400 Claremont Avenue in Jersey City.
- Involved in the deal: Cole Schotz P.C.; and CBRE.
Ironside Newark, Newark: Edison Properties has substantially completed the adaptive reuse of Ironside Newark, the transformative 21st century workplace in the heart of Newark’s revitalized downtown. The 456,000-square-foot, mixed-use commercial destination has already attracted multiple tenants, including a long-term, 148,500-square-foot lease with Mars Wrigley Confectionery, in a transaction arranged by CBRE.
- Involved in the deal: Edison Properties; Beckerman; Newark Community Development Corporation; Perkins Eastman; Langan Engineering and Environmental Services; CBRE; Genova Burns; and Riker Danzig Scherer Hyland & Perretti.
NAIOP will announce the winners at the May 16 gala alongside its other honorees. Andrew Merin, a vice chairman with Cushman & Wakefield, will receive this year’s Lifetime Achievement Award, while Gretchen Wilcox, CEO and president of G.S. Wilcox & Co., will receive the Industry Service Award.
Greek Development and Whitesell Co. will each receive the chapter’s Impact Award, while the association will present New Brunswick Mayor James Cahill with the Caren S. Franzini Public Partner Award.