By Joshua Burd
NAIOP New Jersey has announced its Deal of the Year winners in the office and mixed-use categories as well as three finalists for the industrial sector, with plans to highlight the honorees at its 37th annual Commercial Real Estate Awards Gala in mid-May.
According to the chapter, the winner of the Office Deal of the Year is Bank of America’s lease at Newport Tower in Jersey City, a transaction that stemmed from BentallGreenOak’s multimillion-dollar update of the nearly 1.1 million-square-foot building, “illustrating the future direction and viability of the sector.” B of A’s commitment represents New Jersey’s only renewal and expansion lease of more than 500,000 square feet in the past decade, NAIOP said, noting that it will recognize ownership and Cushman & Wakefield for their roles.
The association will also celebrate the sales of Harborside buildings 1, 2, 3, 4 and 6 in Jersey City, which represent a combined $524 million in investment activity across three transactions, as its Mixed-Use Deal of the Year. The trades will “set the district’s reactivation into motion,” NAIOP said, prompting the accolades for Cushman, CBRE, Veris Residential Inc., American Equity Partners LLC, Panepinto Properties and Related Cos.
“Poised to realize its full potential as the Jersey City Waterfront’s newest live/work/play neighborhood, Harborside’s premier assemblage presented one of the most exceptional repositioning opportunities nationwide,” NAIOP wrote in its announcement Tuesday.
Slated for May 16 at The Palace at Somerset Park in Franklin, the gala will recognize several individuals and the announced Deals of the Year. It will also unveil a winner in the industrial category, with finalists including:
CenterPoint at Linden, an infill redevelopment success story that transformed the former site of a functionally obsolete retail center into a modern, 321,675-square-foot industrial distribution center, meeting environmental, sustainability and community goals while also delivering all the amenities that today’s logistics tenants demand.
- Involved in the deal: CenterPoint Properties, Cushman & Wakefield, KSS, Langan, Property Solutions, KBS Advisors, CSG Law, RC Andersen and City of Linden
Central 9 Logistics Park in Old Bridge, a modern industrial park on 800 acres that has created more than 2,000 jobs while enhancing the regional economy, having signed its first lease in 2023 with Paragon Packaging, an innovative woman-owned business.
- Involved in the deal: 2020 Acquisitions, Cushman & Wakefield, Giordano Halleran & Ciesla PC, Bohler Engineering, Alston Construction and M+H Architects
Seagis Newark Airport Logistics Center in Newark, which provided a creative solution when United Airlines determined the need to relocate from Newark Liberty International Airport, only to find zero availability of Class A buildings nearby.
- Involved in the deal: Seagis Property Group LP, Cushman & Wakefield, CBRE, North Star Construction Management Inc., Cole Schotz PC, Ecolsciences Inc., VRH Construction, Alliance Architecture, SM Design & Consulting PC, Dolan and Dean Consulting Engineers, Melick-Tully & Associates, GZA GeoEnvironmental Inc., Dynamic Survey LLC, Pearlman & Miranda LLC, Barack Ferrazzano Kirschbaum & Nagelberg LLP and ELIACA.
The gala will also honor NAIOP New Jersey’s 2024 Commercial Real Estate Awards recipients in four categories, including:
- Charles Klatskin Lifetime Achievement Award: Steven Denholtz, CEO of Denholtz Properties
- Impact Award: Bethann Rooney, director, Port Authority of New York and New Jersey
- Impact Award: CSG Law
- Caren S. Franzini Public Partner Award: Carteret Mayor Daniel J. Reiman
- Industry Service Award: Michael McGuinness, former CEO, NAIOP New Jersey
Bank of America expanding to 548,000 sq. ft. at Jersey City’s Newport Tower
