Editor’s Note
Building momentum

The Museum Parc project is now taking shape around The Newark Museum of Art, as you’ll read in this month’s cover story, as a development team constructs two new buildings with a combined 250 mixed-income apartments, ground-floor retail and additional cultural spaces such as a vibrant, glass-enclosed gallery. The construction along Central Avenue is now about 50 percent complete, as anticipation builds for full delivery in early 2027.

Technology
CoreWeave begins $1.8 billion data center project in Kenilworth, landing first award under new EDA tax credit program

CoreWeave has started construction on a nearly $1.8 billion data center in Kenilworth with the help of what will be a five-year, $250 million tax credit award under a new state program.

Technology
Owners of NEST campus in Kenilworth launch major update of common spaces, amenities

The team behind the high-profile Northeast Science and Technology Center in Kenilworth have kicked off a multimillion-dollar renovation of the site’s anchor building, with plans to create 75,000 square feet of new amenities and common spaces for current and future tenants.

Industrial
NAI Hanson: Kenilworth industrial outdoor storage property sells for $3.3 million

A private buyer has paid $3.3 million for a nearly 1.3-acre industrial outdoor storage property in Kenilworth, brokers with NAI James E. Hanson announced Monday.

Technology
JLL: Banking, AI fueling continued growth of New Jersey data center market, despite hurdles

Despite rising energy costs and major capacity shortfalls, New Jersey continues to draw interest as a destination for new data center development.

Technology
Newmark: Onyx, MIG sell portion of NEST campus to CoreWeave for $322 million

Onyx Equities and Machine Investment Group have sold a piece of the acclaimed NEST campus in Kenilworth to CoreWeave — the fast-growing cloud provider that is slated to build a data center at the property — in a deal valued at $322 million.

Top News
Onyx named first official supporter for FIFA World Cup New York New Jersey Host Committee

Onyx Equities is set to play a major role in next year’s FIFA World Cup, announcing Wednesday that it has become the first official supporter for the New York New Jersey Host Committee.

Events
‘Spirit of philanthropy’ in full focus as United Way honors Kossar alongside Crow Holdings at Carteret, NEST projects

Nearly 400 commercial real estate leaders came together last week in support of United Way of Northern New Jersey, raising $347,000 as part of a program that honored top industrial broker Rob Kossar along with two high-profile development projects.

Events
JLL’s Kossar to headline United Way Legacy Event, with six projects vying for Impact Awards

United Way of Northern New Jersey will honor JLL’s Rob Kossar next month at an annual fundraiser that draws hundreds of commercial real estate industry leaders, where the organization will also celebrate top projects in multiple asset classes.

Office
JLL: Pharma, life sciences tenants still loom large in New Jersey after an active 2024

Life sciences companies accounted for nearly a third of all leases signed in New Jersey last year, showing the industry’s continued role in the state’s changing commercial real estate market.