The look, feel and function of the post-pandemic workplace is still uncertain, but a technology firm’s recent expansion in Jersey City is a reminder of why companies will still need office space going forward.
I’ve spent a decade watching Devco tackle some of the state’s largest, most ambitious redevelopment projects with complex capital stacks and broad coalitions of stakeholders. It’s a topic that we feature in this month’s cover story, which follows a year in which the organization broke ground on more than $1.5 billion worth of development. That makes it all the more timely for us to highlight an operation that is seemingly unlike any other developer in New Jersey.
Mack-Cali Realty Corp. has agreed to sell a 42-story, 1.2 million-square-foot office tower in Jersey City to The Birch Group, reportedly for $380 million.
The amount of available office space in New Jersey grew further in the second quarter, despite leases by technology and life sciences tenants and signs of improvement on the horizon.
A technology firm serving the life sciences sector has leased 32,000 square feet of office space in Jersey City, under a newly announced transaction by Cushman & Wakefield.
A stronger 2018 helped New Jersey’s office market reverse the losses of the prior two years, Newmark Knight Frank found, thanks in part to healthier demand and leasing in some of the state’s key submarkets.