N ew J ersey 8B — August 19 - September 15, 2022 — New Jersey — M id A tlantic Real Estate Journal
www.marej.com
Bergman Cares initiative includes safety-oriented property enhancements Bergman Real Estate Group announces 77 lease transactions in the first half of 2022
W OODBRIDGE, NJ — Bergman Real Estate Group , a full-service real estate investment and manage- ment compa- ny based in Woodbridge, announced a total of 77 lease transac- tions between January and June 2022. “This impressive rate of transactions –is on pace to exceed 2021 and demonstrates how we are committed to bringing the best available amenities and services to our tenants,” said Michael Berg- man , president and CEO, Bergman Real Estate Group. “Through initiatives like Berg- man Cares that bring ameni- ties that prioritize employee well-being, to significant capi- tal investments that renovate MORRISTOWN, NJ — The new state of the art head- quarters for Valley National Bank broke ground and was celebrated with a ceremony hosted by SJP Properties, Scotto Properties , and The Donnelly Family Trust at the future site of the building in downtown Morristown. One of the only new office projects of significance under construction in New Jersey, Valley’s new headquarters is expected to bring more than 660 profession- als to Morristown’s dynamic downtown upon its estimated completion in the spring of 2023. The ceremony was at- tended by project partners, Valley executives, Morristown Mayor Timothy Dougherty, and Town officials. “Breaking ground on this milestone commercial devel- opment — the second new headquarters building for Mor- ristown in just the last two years — cements our town’s stature as an in-demand hub for corporations that want to of- fer their workforces more than just a great building, but an entire community rich with cul- ture and connectivity,” Mayor Dougherty said. “We’re eager to welcome Valley into the fabric of our renowned community and enjoy the enriching symbi- Michael Bergman
from some of the most active retail corridors in New Jersey, including popular shopping spots like Westfield Garden State Plaza. Minutes from routes 17 and 4, I-80, the Garden State Parkway, and crossings into New York City, both 201 W. Passaic St. and 365 W. Passaic St. offer prime convenience for commuters. “For both new and renewing tenants, the accessibility of of- fice spaces like 201 W. Passaic St. and 365 W. Passaic St. is one of the first features that attracts tenants to us,” said Isabel Freire , senior director of leasing and Marketing, Berg- man Real Estate Group. “Then, they tour the buildings and see all the renovations we’ve made and amenities we’ve introduced, and tenants know they’ve found the perfect office space for their businesses.” In addition to the leasing activity in Bergen County, Bergman Real Estate Group efficient base building systems that feature variable frequency drives, solar reflective roofing, low flow water fixtures, energy and consumption metering, and energy-efficient lighting. By in- tegrating meaningful technol- ogy, sustainability measures, and concierge-style services that bolster the employee ex- perience, the building will be ideally suited to help Valley attract and retain top talent that demands more than a traditional suburban office building. “Having a forward-thinking, best-in-class office environment is only half the battle when it comes to staying nimble and competitive in today’s recruit- ing market — connectivity to a vibrant community that serves as its own lifestyle amenity to the workforce is just as crucial,” said Steve Pozycki , CEO of SJP Properties. “The ability to leverage a desirable residen- tial area that’s also a center of commerce with a population of skilled professionals is key to creating a headquarters for Valley that sets them up for the future. We’re privileged to work with the Town of Mor- ristown and our colleagues at Scotto and Newmark to bring this project to fruition.” SJP Properties shared its
welcomed several notable ten- ants, including law firm Wilson Elser Moskowitz Edelman & Dicker, LLP. The firm signed a new 11-year lease for 17,356 s/f at 7 Giralda Farms, Madison, N.J. Wilson Elser is joined by environmental engineering firm BEM Systems, which signed a new 8-year lease for 10,800 s/f. “It’s our continuing commit- ment to our tenants and capi- tal improvements programs that attracts high quality ten- ants,” Osbourne said, noting that the building underwent major renovations since be- ing acquired by Bergman in 2021. Bergman made a $3.6 million capital investment into the three-story, class A office building, adding amenities like a 3,000s /f upgraded fit- ness center with locker rooms, a 6,000 s/f full service café with seating, and multiple meeting areas such as a training center and coworking space. MAREJ vision for Speedwell Avenue’s redevelopment with Newmark vice chairman David Simson , who ultimately helmed the search for Valley’s new head- quarters and represented the national bank in its lease. Valley will relocate its opera- tions from Wayne, NJ to its new headquarters in Morristown, which offers approximately 120,000 s/f of office space that features floor-to-ceiling win- dows and abundant natural light. Operable glass walls open to outdoor terraces, creating an indoor-outdoor environ- ment that makes Morristown’s pastoral landscape part of the workplace. The ground floor features a dramatic lobby en- trance with soaring ceilings, along with 14,500 s/f of avail- able retail space, a portion of which is planned as a retail community cafe. Valley’s new headquarters sits directly across the street from the recently renovated Hyatt Hotel, Top Golf and 1776 On the Green restaurant — well positioned to offer access to Morris County’s highly-skilled labor pool, amidst the breadth of shops, lifestyle amenities, restaurants and cultural expe- riences that make Morristown one of the most livable town- ships in Northern NJ. MAREJ .
365 W. Passaic St.
our properties from top to bottom, our tenants appreci- ate the work put into each property we own and manage in New Jersey.” According to John Os- bourne , executive director of leasing and marketing at Berg- man Real Estate Group, much of the leasing activity in the first half of 2022 was concen- trated in Bergen County, where the firm owns and manages five properties. “Bergen County is a thriving hub for businesses, and this hub continues to grow, driven by its proximity to retail, ser- vices, major highways, and
New York City,” Osbourne said. “The county is also benefitting from an influx of new residents planting roots in the area, con- tributing to a large talent pool businesses can hire from.” W. Passaic St. and 365 W. Passaic St., both located in Rochelle Park – are prime ex- amples of the bustle of business activity in Bergen County. Five new transactions at 201 W. Passaic St. include three re- newals and two new multi-year leases, while three new tenants are moving into 365 W. Passaic St., in addition to two renewals on campus. Both properties are minutes
SJP Properties & Scotto Properties break ground on Valley National Bank’s HQ in Morristown, New Jersey
Valley National Bank HQ rendering
otic relationship that Valley’s corporate workforce presence will share with our downtown businesses, associations and institutions.” A modern build-to-suit office building designed by global architecture firm Gensler , Valley’s new headquarters marks the second corporate headquarters that SJP Proper- ties has brought to Morristown in just the past two years; later this month, SJP will complete construction of Deloitte’s New Jersey headquarters at M Sta- tion, a multi-phase, mixed-use office and retail development situated within steps of the Morristown Train Station. These two projects collectively solidify Morristown’s position among the most coveted office markets in the region, offering industry-leading companies
and their workforces a transit- oriented, amenity-rich com- munity teeming with activity. Valley’s new headquarters along Speedwell Ave. is a mod- ern interpretation of the ma- sonry tradition of historic Mor- ristown, with a balance of glass, metal, and warm brick tones that embraces the character of the neighborhood. Designed to achieve LEED certification and create an urban environ- ment that appeals to today’s discerning workforce, the build- ing reflects SJP Properties’ longstanding commitment to creating healthy, sustainable and inspiring office ecosystems. The building’s technological advances include improved air quality using a combination of enhanced MERV filtration and UV light purification, ad- vanced digital controls, energy-
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