Retail
CBRE: Goldman Sachs unit sells 111,000 sq. ft. Newark retail center for $38 million

An affiliate of Goldman Sachs has sold a well-known, grocery-anchored retail property in Newark for $37.5 million, brokers with CBRE announced Tuesday.

Event Coverage
Brighter days ahead: Panelists bullish on Jersey City office market amid historic Bank of America lease, continued residential boom

If there were ever a time for optimism — specifically for Jersey City’s embattled office market — it may as well come after a blockbuster 548,000-square-foot lease. That bullishness was evident Wednesday at the annual Jersey City Summit, where panelists were largely upbeat and confident that the submarket was due for a major uptick after several challenges in recent years.

Residential & Mixed Use
EDA pledges $200 million Aspire tax credit for mixed-use ‘NJPAC District’ project in Newark

A sweeping plan to expand the New Jersey Performing Arts Center campus in Newark has secured a 10-year, $200 million tax credit award under the state’s Aspire program, in a key step for a project that would include 350 apartments and new commercial and community spaces.

Residential & Mixed Use
Developers join Murphy, Oliver to launch $500 million redevelopment in East Orange

An investment group has broken ground on what’s billed as a $500 million development project in East Orange, where plans call for 820 mixed-income apartments and more than 200,000 square feet of commercial space anchored by a new supermarket.

Residential & Mixed Use
New 33-story tower in Newark by Boraie, Shaq on track for spring 2023 delivery

Boraie Development has reached a key milestone in its construction of a 370-unit apartment tower in downtown Newark, with plans to debut the building next spring under its latest partnership with city native and basketball legend Shaquille O’Neal.

Office
Lord Abbett takes 178,000 sq. ft. at Goldman Sachs tower in Jersey City

Investment manager Lord Abbett & Co. is relocating its headquarters in Jersey City after leasing nearly 180,000 square feet at one of the state’s best-known office buildings.

Office
Jersey City office tower changing hands in sale of Columbia Property Trust

A prominent Jersey City office building is set to change hands after its owner, Columbia Property Trust, announced Tuesday that the company would be acquired for $3.9 billion.

Office
Panel: Interest in office space picking up as employers mull re-entry plans, hybrid schedules

Employers are hoping to find a middle ground as they determine how best to bring workers back to the office. While that strategy is still taking shape, occupiers have already begun to weigh their post-pandemic options in places such as Jersey City, driving an uptick in building tours and the prospect of new leasing activity.

Finance & Capital Markets
Developers land $94 million financing package for revival of iconic Paterson stadium

A development team has closed on more than $90 million in financing for a project that centers on restoring Paterson’s historic Hinchcliffe Stadium.

Office
AIG to join growing tenant roster at Goldman Sachs tower, inking 230,000 sq. ft. lease

American International Group Inc. will lease a reported 230,000 square feet at the Goldman Sachs tower in Jersey City, marking the latest high-profile addition to the 40-story building.