Revival of Parsippany site underway as office buildings come down, with rentals soon to come

The transformation of a sprawling suburban office park in Parsippany is now on full display, as a development team continues its teardown of several aging buildings while marking the start of construction for 275 new apartments at the site.

Parsippany developer lands $91 million construction loan, breaks ground on 275 rentals

A developer has secured $91 million in construction financing for 275 apartments in Parsippany, helping to kick off the transformation of a former suburban office park.

Murphy Schiller & Wilkes LLP

MSW represents a wide range of clients, including major national and international developers, national and local lending institutions, institutional investors, family offices, landlord and tenants and other owners and developers of real property. Our boutique nature and multidisciplinary model has allowed the firm to represent a diverse array of clientele, from the largest real estate development and private equity firms in the country to smaller family offices based in New Jersey.

Approvals for cannabis grow, processing sites unleash new demand for already-scarce industrial space

With licensing for recreational marijuana now underway in New Jersey, commercial real estate owners are seeing a real-time rush for spaces that will help launch the industry beyond the medicinal use market created more than a decade ago.

Reverse appeals can lead to unexpected property tax liabilities for commercial property owners

As the real estate market remains strong, and property values continue to rise across many asset classes, commercial property owners need to be aware of the growing trend with municipalities aggressively seeking to substantially increase tax assessments for commercial properties by filing their own tax appeals.

Developer of 600-unit PARQ project in Parsippany eyes start of site work, demolition

A developer is set to begin demolition at the longtime site of an office park in Parsippany, paving the way for a plan to bring 600 apartments and townhomes to a swath of the property.

Applications underway for Aspire, a program poised to spur large-scale urban development

The New Jersey Economic Development Authority is now accepting applications for Aspire, an aggressive tax credit program that was designed to encourage redevelopment projects using incentive awards to reimburse developers for certain project financing gap costs. With high costs of construction and mandates at the municipal level related to affordable housing requirements as part of market-rate development projects, the need for a gap financing tool is critical and welcomed by those trying to operate in a tight market.

Expect the unexpected: Addressing supply chain leasing concerns in 2022

As we say goodbye to 2021, New Jersey’s robust commercial real estate industry has a lot to look forward to in 2022. Whether it be the ever-increasing demand for new industrial space or the development of new and/or expanded tenant spaces as employees continue their return to the workplace, construction activity will likely continue to surge in 2022. Notwithstanding such, however, landlords and tenants must remain mindful that COVID-19 will continue to impact the commercial real estate industry next year and beyond.

Investment team buys Newark office buildings, parking garage for $80 million

An investment group has acquired two office buildings and a parking garage in downtown Newark for $80 million, with plans to spend another $70 million to reposition the properties.

Insiders see growing (but measured) demand for new, more targeted state incentive program

With the recent approval of the first awards under Emerge, the state’s new jobs-based tax incentive program, officials and other insiders expect to see a measured pace of applications for a subsidy that was designed to be more discerning and targeted than its predecessor.