New Jersey Commercial Real Estate News

These stories are supplied by the CoStar Group. The articles contain a cross-section of northern New Jersey happenings in the world of commercial real estate. These articles are updated regularly.

Northern New Jersey Commercial Real Estate News From CoStar Group
CalSTRS Acquires Ownership Stake in LCOR	5/25/2012 2:02 AM
In a deal valued at close to $820 million, the California State Teachers' Retirement System (CalSTRS) has acquired a 90% interest in LCOR, a real estate investment, management and development company, in combination with an extensive real estate portfolio, from LCOR's previous investment partner, Lehman Brothers. The Berwyn, PA-based LCOR's real estate operating and development business manages more than 7,400 multifamily units, 7.7 million square...
CoStar's People of Note (May 20-26)	5/24/2012 4:23 AM
This week's People of Note includes the following markets: Atlanta, Austin, Kansas City, National, New York City, San Antonio, San Francisco, South Bay and Washington, DC. NEW YORK CITY Harkins Rejoins Cushman as Executive Director By Laurie Forbes Industry veteran Joseph F. Harkins returned to Cushman & Wakefield as an executive director in the company’s Midtown location. Harkins served the past five years at Grubb & Ellis. T
Tower Insurance Takes 76,892 SF at Harborside Plaza 2	5/20/2012 11:46 PM
Tower Insurance Co. signed a 10 year, 11-month lease for 76,892 square feet in Mack-Cali Realty's Harborside Plaza 2 in Jersey City, NJ. The 10-story building located within the Harborside Financial Center totals 761,200 square feet. It was built in 1962 and renovated in 1986. Tower Insurance Company will occupy suite 800. According to CoStar information, other tenants include Deutsch Bank, GNC Corporation, and JP Morgan Chase Bank. David...
Sea Girt Square Redevelopment Completed In Wall Township	5/20/2012 9:58 PM
River Drive Construction Co. completed the third and final phase of redevelopment for the Sea Girt Square shopping center at 2100 Route 35 in Wall Township, NJ. Redevelopment included rebuilding the structure, raising the ceiling heights to accommodate top-flight retailers, re-cladding all storefronts with floor to ceiling glass, and installing new mechanical systems. Livingston, NJ-based Gottesman Real Estate has the listing. Tenants include...
CRE Price Recovery Continues Despite Seasonal Volatility	5/20/2012 8:25 PM
Despite a generally flat March for pricing of commercial property, prices recovered to mid-2003 levels in the first quarter as improving fundamentals and liquidity causing a broadening of the recovery into non-core commercial real estate and secondary markets, according to this month's CoStar Commercial Repeat Sale Indices (CCRSI) report. The U.S. Composite Index ended the first quarter 4.3% above the same period in 2011, although prices are still...
Financing Green Part II: The Role of Data in Financing Green Improvements	5/20/2012 7:07 PM
In Part I of Financing Green, available here, CoStar News looked at energy efficiency retrofit financing options available to owners, and also what investors, banks and lenders are looking for to overcome the uncertainty and inherent risk in funding these new and often under-tested technologies in the CRE industry. In Part II, Dr. Kontokosta discusses the critical role of data in the lending decision-making process. The Role of Data in Overcoming...
Botox Maker Selects SJP's Somerset Location for NJ Expansion, Signs 93,000-SF Lease	5/16/2012 8:42 PM
After agreeing to establish a U.S. research and development operation in New Jersey last year, California-based Allergan, maker of wrinkle-fighting drug Botox and other medical devices, selected SJP Properties' Somerset Corporate Center II building in Bridgewater, NJ, where the global pharmaceutical firm signed a 93,000-square-foot lease. According to SJP, the firm's move to the five-building office park will inject as much as $12 million of private...
Dimensional Communications Pays $8.8M for Mahwah Industrial	5/16/2012 1:41 AM
Dimensional Communications, Inc., a New Jersey-based marketing and communications firm, purchased the two-story industrial building at 1595 MacArthur Blvd. in Mahwah, NJ from The Hampshire Companies for $8.825 million, or $74 per square foot. The building was delivered in 1982 in Bergen County. It totals 119,264 square feet, consisting of warehouse, office, and lab space. James Tully and Thomas Monahan of CBRE represented the seller, while...
Aon Leases 31,000 SF in Morristown	5/16/2012 1:33 AM
Aon plc, a multinational risk management and reinsurance brokerage company headquartered in London, England, leased 31,000 square feet in the office building at 44 Whippany Rd. in Morristown, New Jersey. The 220,841-square-foot building, owned by RXR Realty, was delivered in 1985 and renovated in the fourth quarter of 2011. Aon will take space on the third floor on July 1st, 2012. Stephanie Vitale and Lauren Ferrentino with RXR Realty negotiated...
Update: Hanover Properties Sells Morristown Facility	5/15/2012 10:03 PM
Mana Biomedical Research Facilities purchased the flex and laboratory facility at 140 E. Hanover Ave. in Morristown, NJ from Hanover Properties LLC for $2.63 million, or about $106 per square foot. The 24,905-square-foot building was constructed in 1964 and renovated in 1988. It was vacant at the time of sale. Barry Mayer and Arthur Hixson of Grubb & Ellis handled the deal for Hanover Properties. Tom Ryan and Sigmund Schoor of NAI James E...