Northern New Jersey Commercial Real Estate News recent headlinesCoStar's People of Note (Mar. 1 - 7)
It's time to update those contact managers with CoStar's People of Note, reporting news on significant new CRE hires and promotions. This week's issue includes the following markets: Northern New Jersey, Chicago, San Francisco, Cleveland, South Florida, Houston, Orange County, Atlanta, East Bay, Cincinnati, Los Angeles, and Portland.
NORTHERN NEW JERSEY
CSG Appoints Reid to Interim President, CEO
By Justin Sumner
ChMarket Trend: Select Top Five Northern New Jersey Office Leases Signed in Q4 2014
The select top office lease signed during the fourth quarter of 2014 in the Northern New Jersey market was at 3 Gateway Ctr. in the Newark submarket. Prudential Insurance Co. of America renewed its 160,008-square-foot lease there in a direct deal. Cushman & Wakefield, Inc. represented the landlord in the deal.
Charles Komar & Sons, Inc. leased 159,141 square feet at 90 Hudson at Hudson Centre in the Hudson Waterfront submarket. Cushman & Wakefield...CSG Appoints Reid to Interim President, CEO
Chambers Street Properties (NYSE: CSG) has appointed Martin Reid, chief financial officer as its interim president and chief executive officer until a permanent replacement is named.
Reid has served as the company's CFO since June 2012, and as its treasurer and secretary before that. He has sat on the firm's board of trustees since 2005. Reid will continue to serve as CFO for the company during the interim assignment.
Jack Cuneo has retired...Cohen Asset Management Secures Loan for One Truman Drive
Cohen Asset Management, Inc. secured a fixed-rate acquisition loan for its purchase of 1 Truman Dr. S in Edison, NJ.
Jon Mikula and Michael Klein of HFF arranged the financing on behalf of Principal Real Estate Investors.
Built in 1978, the 369,000-square-foot industrial building is fully leased to Midwest Air Tech.
Cohen Asset Management acquired the property last month for $24.35 million, or about $66 per square foot, from Lubert-Adler...Colliers Int'l Relocates, Expands NJ HQ at Morris Corp Ctr
Colliers International has signed a five-year lease deal to expand and relocate its New Jersey headquarters to 300 Interpace Pky in Parsippany, NJ. The firm has moved from its previous location at 119 Cherry Hill Rd.
Colliers sought a more open layout to accommodate the growth it is experiencing in New Jersey. The new space has upgraded technology, as well as more collaborative work spaces. The space also features high ceilings and views of Morris...Two Renewals Inked at Morris Corp Ctr
Morris Corporate Center saw two key renewals last month at 1 Upper Pond Rd. in Parsippany, NJ.
ICAP renewed it's 21,000-square-foot lease for an 11-year term, while IPSOS Loyalty renewed it's 28,000-square-foot lease for a five-year term.
With these lease renewals, building owner Brookwood announced $3 million in planned capital improvements to Buildings 1 & 2 in the Morris Corporate Center, including renovations to the cafeterias, fitness...Father Son Duo Join DTZ Industrial Leasing Team
DTZ's Chatham, NJ office added the father-son duo of Thomas Tucci Sr. and Thomas Tucci Jr to the industrial brokerage division as senior vice president and assitant vice president, respectively.
The senior Tucci brings more than 30 years of commercial real estate
experience in the industrial sector, previously serving as senior vice president, regional director for DCT Industrial and opening the company's first New Jersey office during his tenure...Gallagher Insurance Leases 51,000 SF in Whippany
Arthur J. Gallagher & Co., a commercial insurance firm with corporate headquarters in Itasca, IL, signed a lease for 51,000 square feet at the Crossings at Jefferson Park Bldg 200, located at 115 S. Jefferson Rd. in Whippany, NJ.
The new lease deal will see Gallagher relocate 300 employees from its current location in Short Hills.
This is the first lease transaction signed at the building complex since a large revitalization and re-branding...Puccini's Restaurant, Adjacent Lots Sold for $19.5M
1064 REalty Corp. sold Puccini's Restaurant, the famous eatery and catering hall at 1064 W. Side Ave. in Jersey City, and six adjacent lots, for $19.5 million. Amerestate Holdings acquired the redevelopment site.
In addition to the restaurant, the site consists of a vacant textile factory, a small apartment building, land and four other properties within a half-mile of the Journal Square PATH train station.
Bob Antonicello Sr. and Bobby Antinicello...Wanted: Brokers, Landlords and Tenants Achieving Success with Green Leases
The Green Lease Leader recognition program announced that the application period for 2015 is now open. The 2015 application cycle will run through April 8th and recognized firms and brokers will be announced at the U.S. Dept. of Energy's Better Buildings Summit in Washington D.C. on May 27, 2015.
Commercial real estate
brokers, landlords and tenants who are successfully introducing energy-efficiency practices and sustainability-focused changes...Market Trend: Northern New Jersey Industrial Deliveries, Construction and Inventory
During the fourth quarter 2014, three significant Industrial buildings totaling 1,184,446 square feet were completed in the Northern New Jersey market area. This compares to 10 buildings totaling 3,601,578 square feet that were completed in the third quarter 2014.
There were 2,335,354 square feet of Industrial space
under construction at the end of the fourth quarter 2014.
Warehouse Owners Enjoy Another Quarter of Accelerating Rent Growth,...Hartz Mountain Industries Sells 400 Plaza for $30M
Extended Success LLC acquired the Atrium 4 Building located at 400 Plaza Dr. in Secaucus, NJ from Hartz Mountain Industries for $30 million, or about $116 per square foot.
Developed by Hart Mountain Industries in 1983, the four-story, 258,459-square-foot office building
located at the Plaza At Harmon Meadow is currently the headquarters of both Hartz Mountain Industries and Hartz Capital Investments, the two main divisions of The Hartz Group...Triangle Equities Secures $7.5M Loan
New York development firm Triangle Equities closed a $7.5 million loan for its 62,000-square foot retail property, Freehold Raceway Village, located in Freehod, NJ. This transitions into a successful recapitalization of the shopping center in which Triangle Equities contributed $5.5 million in capital and acquired a controlling ownership stake in the property.
The shopping center at 200-220 Trotters Way was completely vacant before the recapitalization...Office Lease Up (Feb 23) Comcast to Expand Regional HQ in Atlanta, Add 300 Jobs
Georgia Governor Nathan Deal confirmed earlier this week that Comcast will relocate its southeast regional headquarters to the Peachtree Corners office park in Peachtree Corners, GA.
The new 87,776-square-foot office will keep Comcast's regional headquarters in Gwinnett County and will house the company's 532 full-time local employees on four floors at 6200 The Corners Pky.
The space will also feature build-out for a demonstration lab and Comcast...
LB Commercial Realty News & Articles
Moves to a larger facility:
Read more about LB Commercial real estate recent
relocation to a larger facility located in Closter, NJ.
Press Release June
2008: This release is information about how LB Commercial was named
exclusive leasing brokers of Rockleigh
Corporate Center, one of the most prestigious towns of New Jersey.
NJBIZ Top 50 NJ 2006:
New Jersey's top real estate brokerage companies in 2006.
2006-2007: This newsletter published in 2006, pertains to the approach
LB Commercial will take for the future of New Jersey's real estate market.
Top 50 Commercial
Award: NJ Biz magazine announces LB Commercial Real Estate as a top
Commercial Real Estate brokerage company in 2006
Real Estate: Press release from The Record published in 2007
pertaining to the industrial real estate reversing the 2nd quarter slide.
Record Article Jan 2008: Press release from The Record
published in 2008 covering the history and recent achievements of LB Commercial
Bergen Record Article:
Press release from The Record published in 2007 reviewing the
history and an in depth perspective of of LB Commercial Real Estate.
5 Reasons The Economy Might Recover Faster Than You Think - MSN Money -
Article pertaining to how the financial outlook of 2009 might improve faster
than elected officials proclaim.
Repex Investments December
2008 Report: Information regarding weekly Dow Jones, NYSE and Standard
and Poor 500 index reports for December 29, 2008.