SJP Properties has announced the creation of a new division within the firm, formalizing its push to expand its third-party development and construction management business.
The U.S. Green Building Council of New Jersey recently hosted a members’ tour of Panasonic Corp. of North America’s state-of-the-art, 340,000-square-foot office tower in Newark.
Jay Biggins, the executive managing director of Biggins Lacy Shapiro & Co., is a longtime expert in the field of incentives and has seen the evolution of the New Jersey’s programs firsthand.
As an investment opportunity, 800 Scudders Mill Road checked just about every box. A state-of-the-art, trophy office complex that was only three years old. A prime location just outside Princeton. And, perhaps most important of all, a net lease with a blue-chip, global pharmaceutical giant, Novo Nordisk Inc., with a longstanding presence in the market.
Far Eastern investors have accounted for most of the high-profile deals over the last year or so, but it was a Middle Eastern platform, KFH Capital Investment Co., that made the biggest splash in the fourth quarter of 2016.
The state’s office market took a step back in the fourth quarter of 2016, according to new industry research, as leasing activity slowed and several large blocks of space hit the market.
A New York-based commercial mortgage lender was the main source of financing for a Kuwait-based firm’s recent $165 million acquisition of the Newark office tower that is home to Panasonic Corp. of North America.