The debate over New Jersey’s corporate incentive programs has been well-chronicled in recent years, but regardless of where you fall on the issue, there’s no denying their influence on the state’s commercial real estate market. That influence was all but gone for two years after Grow New Jersey and other subsidy programs were allowed to expire in summer 2019, with no immediate replacements in sight until Gov. Phil Murphy and lawmakers agreed on new incentives late last year. The state is now putting those offerings to work, starting with the jobs-based Emerge program that will fill the void left by Grow New Jersey.
The city of Newark has become a state-designated Transit Village, making it eligible for additional funding and guidance from Trenton as part of its ongoing development efforts.
A well-known bakery is expanding its footprint in New Jersey, inking a new 10-year lease for a retail location in downtown Newark.
Fidelco Realty Group is revitalizing a well-known office tower in downtown Newark at a cost of more than $30 million, with plans that include a sweeping physical upgrade, the addition of a new bar and restaurant and the creation of flexible workspace to serve technology startups. — All renderings courtesy: Fidelco/Perkins Eastman
Development firm RBH Group LLC has announced the hiring of a new chief operating officer as well as the promotion of three other executives.
The owner of a two-building, 131,000-square-foot industrial complex in Newark is seeking a buyer for the property, in a newly announced offering by JLL.
Restaurants have remained especially active among retail tenants, fueling nearly two dozen leases since the start of the pandemic at properties served by Levin Management Corp.