10B — March 13 - 26, 2015 — New Jersey — M id A tlantic
Real Estate Journal
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N orthern N ew J ersey
NAI James E. Hanson Northern & Central New Jersey 4Q’14 Office Report
he Northern and Cen- tral New Jersey class A and B office market saw a slight increase in the overall vacancy rate for the fourth quarter. Vacancy increased from 15.3% in the third quarter to 15.4% in the fourth quarter. Average asking rates also in- creased by $0.10 from the third quarter and are up $0.79 from the fourth quarter of 2013. Net absorption, which remained positive for 2014, ended the fourth quarter at 637,174 s/f. One of the larger lease trans- actions included Charles Ko- mar & Sons, Inc., an apparel T
company, who relocated from Manhattan to a 159,141 s/f space at 90 Hudson Street in Jersey City. When deciding on a relocation, options included Jersey City and Long Island City. With this relocation, they will bring about 500 jobs to New Jersey and were offered $37.2 million in incentives by the State. Blackrock Financial Management was another large transaction. They sub- leased 67,531 s/f at 1 University Square in Princeton. Some of the larger notewor- thy renewals for the quarter included The Prudential Insur- ance Company of America and Novartis Consumer Health, Inc. Prudential, who signed a long term lease, will remain at 3 Gateway Center in Newark in 160,008 s/f and Novartis will remain at 200 Kimball Dr. in Parsippany in 159,041 s/f. Sales activity for the quarter included TA Associates Realty purchasing 99Wood Ave. South in Iselin fromCornerstone Real Estate Advisers, LLC. TA pur- chased the 272,715 s/f building for $60,300,000. 45 Waterview Blvd. in Parsippany also sold in the fourth quarter. Hyundai Se- curities purchased the 106,680 s/f building for $40,000,000 from One Liberty Properties, Inc. 30 Lanidex Plaza West, a 54,975 s/f building in Parsip- pany was sold to Gramercy Property Trust by a joint ven- ture between Lincoln Property Company and Red River Asset Management. 30 Lanidex sold in October for $9.4 million. New construction is now being considered throughout New Jersey. LG Electronics is underway with getting their project off the ground at 111 Sylvan Way in Englewood Cliffs. They will be occupying 490,000 s/f, which is slated for delivery in November 2017. n
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Northern & Central New Jersey 4Q’14 Office Report
To view our 4Q Office Market Overview, please visit naihanson.com/flyers/4Q2014Office.pdf
Hackensack 201 488 5800 Parsippany 973 463 1011
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