A newly renovated light industrial building within the Metropark section of Woodbridge has changed hands, following a $19.35 million transaction arranged by JLL.
Office markets around New Jersey’s transit hubs are still outshining their suburban counterparts, with a widening gap in asking rents and continued interest from major tenants.
Mack-Cali Realty Corp. has completed its acquisition of a nearly 272,000-square-foot office building in Woodbridge, adding to its holdings in the Metropark submarket.
Mack-Cali Realty Corp. is in talks to acquire one of Jersey City’s newest luxury residential properties while adding to its office holdings in the Metropark submarket, the latest among several transactions announced Thursday by the real estate investment trust.
Mack-Cali Realty Corp. has completed a sweeping overhaul of its key suburban office portfolio, following more than $50 million in redesigns and renovations at buildings in the Parsippany, Short Hills, Metropark and Red Bank submarkets.
Avison Young has launched a new international practice focused on life sciences, tapping two of its New Jersey-based brokers as co-leaders of the specialty group.
Office buildings within the state’s transit hub market record lower vacancy rates and higher rents compared to suburban spaces, according to JLL’s annual research report. Companies continue to pursue office space in proximity to walkable amenity-rich areas and with access to mass-transit options for their workforces and clients.
For all of the appeal of having office space near a train station, eight of New Jersey’s best-known “transit hub” submarkets took a collective step back in 2017, although they continue to stand apart from the state’s suburban highway corridors.
After a lackluster end to 2017, executives with Mack-Cali Realty Corp. say leasing activity is poised for a rebound in its Hudson waterfront and suburban office buildings.