People
Saxum announces five new hires amid growing development pipeline

Saxum Real Estate has announced five new hires to help support the firm’s ongoing growth in New Jersey and nationally.

Industrial
Saxum launches cold storage platform, details new projects in key U.S. markets

Saxum Real Estate is making a major push into the cold storage sector, as it looks to tap into demand for an underserved segment of the industrial market.

Residential & Mixed Use
Solomon promotes longtime team member to president of property management

The Solomon Organization has named a new president of property management to help oversee its nine-state, 17,000-unit multifamily portfolio.

Retail
Landlords brace for fallout, search for solutions with retailers battered by COVID-19 shutdown

New Jersey shopping centers that once buzzed with a steady hum of activity have been quiet since late March, with most retail businesses shut down to contain the spread of COVID-19. Retail landlords are now scrambling to figure out how to deal with tenants who say they can’t pay rent because their revenue streams have stopped cold — even though property owners still have their own financial obligations.

Office
Merck moving headquarters back to Rahway, reportedly selling Kenilworth site

Merck & Co. is leaving its Kenilworth headquarters and returning its front office to Rahway, in a move that is slated to take place by the end of 2023.

Residential & Mixed Use
Gebroe-Hammer honors broker in $75 million, 487-unit portfolio sale

A broker with Gebroe-Hammer Associates has won a top honor from the firm in connection with last year’s $75 million sale of a 487-unit, 18-building portfolio in Hudson and Bergen counties.

Office
Garibaldi: Investment, asset manager takes 11,000 sq. ft. for new Chatham headquarters

An investment and asset management firm has moved its headquarters to Chatham, where it leases nearly 11,000 square feet as part of a transaction brokered by The Garibaldi Group.

Office
JLL: Transit hub submarkets stay on track with rent growth, tenant demand

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.

Office
Silverman sells boutique office building in Summit, C&W says

The Silverman Group has sold a fully leased, 42,000-square-foot office building in Summit, brokers with Cushman & Wakefield announced Wednesday.

Residential & Mixed Use
Solomon portfolio reaches 15,000 units in 10 states after two-year flurry

The Solomon Organization, a Summit-based multifamily owner and investor, is touting a major expansion of its portfolio after more than $1 billion worth of activity over the past two years.