12B — September 14 - 27, 2012 — New Jersey — Mid Atlantic Real Estate Journal
www.marejournal.com
N ORTHERN N EW J ERSEY
Zimmel Associates and Studley represent tenant Cushman & Wakefield executes 81,351 s/f lease I
With 8,414 s/f renewal in Jersey City Cresa NJ – North/Central assists Lux Biosciences
SELIN, NJ — Cushman & Wakefield, Inc. has arranged an 81,351 s/f headquarters office lease with Hatch Mott MacDonald at MetroTop Plaza I and II in Me- troPark, within the Iselin sec- tion of Woodbridge. The team of Paul Giannone, Kevin Car- ton and Eric Sobel represented the ownership, Atlantic Realty & Development Corp., while the tenant was represented by David Zimmel Associates and Jim Schroeder of Studley. The lease encompasses 71,351 s/f including the entire third and fifth floors and part of the fourth floor of the 255,000 s/f class A MetroTop Plaza II, and 10,000 s/f on the first floor of MetroTop Plaza I. “The new location will pro- vide additional office space to accommodate our anticipated
MetroTop Plaza I and II
growth needs,” said Nicholas DeNichilo, HMM president and CEO. “After considering other locations in Central and Northern NJ, MetroTop was selected because of its excel- lent highway and rail access, facilitating travel to other HMM offices along the east coast. more and more long-time own- ers are coming off the fence to sell in an environment where interest rates are at all-time lows, demand is unrelenting and looming tax increases are on the horizon.” Proximity to 24-hour trans- portation hubs and direct access to New York City are the lead- ing factors attracting investors to the region’s urban markets. In Hudson County, Gebroe- Hammer’s market specialists orchestrated four transactions involving 117 units in Jersey City, Union City and West New York. In Elizabeth and East Or- ange, the firm also represented long-term clients in three sales netting $5.34 million for 76 apartment-rental units and seven ground-floor retail units. Rounding out Gebroe-Ham- mer’s impressive pace are three sales in Paterson, two of which were short-sales totaling 33
For MetroTop Plaza II the HMM signing marks the building’s 100% lease-up in nine months. HMM’s lease follows the recent signing of accounting firm EisnerAmper for 87,000 s/f, and earlier leases withAnsell Healthcare, Vitech Systems Group and McDonald’s Corp. ■ units for $725,000, a note sale in Irvington involving 32 units for $550,000, and the trade of 28 units in Montclair. “Multi-family properties will continue to outperform their office, retail and industrial counterparts because of a major paradigm shift in residential liv- ing in which renting is the new normal, especially in properties located within walking distance or adjacent to mass transporta- tion. Continued economic un- certainty and strict residential mortgage underwriting are contributing to a strong tenant pool and high occupancy levels. Investors recognize these “per- fect storm” dynamics and are competing heavily for every cat- egory of available product from class A to class C and lower. I’m doing this for 37 years and can- not remember a period of closing deals at a pace of 3 to 4 deals per week!” said Uranowitz. ■
Harborside Financial Center
JERSEY CITY, NJ — Cresa NJ – North/Central, part of Cresa LLC negotiated a lease renewal of 8,414 s/f on behalf of Lux Biosciences at Harbor- side Financial Center in Jersey City. TomGiannone and Ron Gan- ter, managing principals, and Ed English, vice president of Cresa NJ – North/Central, represented the tenant in the deal. The landlord, First States Investors Harborside, LLC, PICATINNY ARSENAL, NJ — Advance Realty announced that two new leases have been signed at The Picatinny Ap- plied Research Campus (PARC. With these transactions com- plete, Phase One of The PARC is now fully leased. CACI, Inc. signed a lease for 2,715 s/f and will use the space for a new field office. Managing director Brian Banaszynski representedAdvance in-house, while UGL Equis Associate vice president Chethan “Chet” Rao negotiated on behalf of the tenant. Dynamics Research Corpora- tion (DRC) also signed a lease for 2,715 s/f of space to be used as a field office. Banaszynski represented Advance, while
McCall & Almy executive vice president and principal Neil Schneider represented the tenant. CACI and DRC join a high- quality roster of tenants at The PARC, including Raytheon, ATK, Booz Allen Hamilton, Concurrent Technologies Cor- poration and SAIC. “By creating an atmosphere at The PARC where collabora- tion fuels innovation, we’ve been able to attract these stel- lar tenants to this property,” Banaszynski said. “With the property now 100% leased, Ad- vance has successfully complet- ed the first phase of The PARC into one of the leading state- of-the-art office and research centers in New Jersey.” ■ was represented by Aaron El- lison of Jones Lang LaSalle. “Lux Biosciences wanted to align its office lease with the interests of its equity holders and management through a short-term, flexible lease re- newal,” said Giannone. “We worked closely with both the tenant and landlord to nego- tiate a lease at competitive rates, and were able to avoid relocation at this critical junc- ture in Lux’s business.” ■
Gebroe-Hammer Associates arranges 12 North Jersey sales totaling $19+ million
LIVINGSTON, NJ — Multi- family trading activity contin- ues to heat up in Northern New
Jersey where Gebroe-Ham- mer Associ- ates recently arranged a to- tal of 12 sepa- rate transac- tions, netting almost $19.5 mi l l i on , in
Advance Realty announces PARC is 100% leased
Ken Uranowitz
three weeks. The firm was the broker for the 302 units located throughout Hudson, Union, Es- sex and Passaic counties. “These transactions and clos- ing velocity illustrate that multifamily is just as hot as the record-setting temperatures we’ve had this summer,” said Ken Uranowitz, managing di- rector. “Values are continuing to rise at a steady, consistent pace and new inventory is slowly coming to market as
NORTH BERGEN, NJ — DMRArchitects has completed architectural design and con- struction administration ser- vices for the new Municipal Court and Parking Authority building located at 4225 Ber- gen Turnpike in North Bergen. The project consisted of a $4 million renovation to a 2-story building totaling 13,000 s/f. The building used to occupy a TD Bank branch. The build- ing was discovered by Town- DMR Architects completes North Bergen Municipal Court ship Administrator Christo- pher Pianese, who tried to utilize the branch several times, assuming it was closed. Mr. Pianese then realized the bank building was vacant and immediately thought the location would be a perfect fit to expand space for the Town- ship. The project was extremely important to the Township, since the former court space was outdated and undersized as the court shared space with the Police Department in Town Hall. Such accommodations made the space unsafe for staff and residents of the communi- ty - six years ago a ceiling col- lapsed in the court (thankfully on a weekend) - which started the search for new space. The building offers more space for long lines for the court and more parking, which are two big issues in this small urban community. ■
PARSIPPANY, NJ — En- vironmental Waste Man- agement Associates, LLC (EWMA) renewed its lease at 100 Lanidex Plaza in Par- sippany. One of the industry leaders in environmental consulting and remediation, which has been located at the building since 1996, has extended its 18,687 s/f lease agreement for the entire third Studley reps EWMA in 18,687 s/f lease floor. The new lease will al- low for significant upgrades and improvements to the company’s space. Studley’s Chris Marx, Joe Messina, Chris Koeck andBill Colgan represented EWMAin the transaction. The landlord, Ivy Realty Services, LLC, was represented by Marion Ged- des and Susan Mason with Jones Lang LaSalle. ■
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