Congratulations to NAIOP NJ's 2022 Deal of the Year Finalists!
Winners will be announced at the Commercial Real Estate Awards Gala, June 16, 4-9:00 AM, The Palace at Somerset Park. Learn more.
Ground Lease for New Jersey Wind Port, Salem County: In September 2021, PSEG Nuclear as Landlord and the New Jersey Economic Development Authority (NJEDA) as Tenant executed a long-term Ground Lease for approximately 122 acres of land at Lower Alloways Creek, Salem County. The land will house the New Jersey Wind Port, the nation's first purpose-built offshore wind port, which NJEDA is developing on behalf of the State. Involved in the deal: New Jersey Economic Development Authority, PSEG, New Jersey Attorney General’s Office, Ernst & Young Infrastructure Advisors, Love & long, Ashurst, Hogan Lovells, Porzio, Bromberg & Newman & Sills Cummis.
Sue R. Lee, Senior Managing Director, Infrastructure Advisory, Ernst & Young Infrastructure Advisors, LLC; Ana Murteira, Assistant Regulatory Counsel, PSEG; Jonathan Kennedy, Managing Director, Infrastructure, NJEDA; Lisa D. Love, Partner, Love & Long, LLP; Kate Gerlach, Director of Development, Offshore Wind, PSEG; and Betty Cerini, Partner, Ashurst.
Outerbridge Renewable Connector, South Amboy: CBRE arranged the acquisition of an aging brownfield site of a former oil-fired power plant in South Amboy, NJ by Rise Light & Power for construction of the Outerbridge Renewable Connector, an innovative new project that will deliver clean, cost-effective offshore wind energy to New Jersey and the region. Involved in the deal: Rise Light & Power & CBRE.
Jeremy Neuer, Executive Vice President, CBRE
Target at Logan North, Logan Township: The team of Greek Development, Advance Realty Investors and CBRE successfully leased a 1.7-million-square-foot omnichannel flow center to Target Corp. in Logan, NJ. Following the agreement, the asset traded for a record-breaking $265 million when Torchlight Investors of New York bought the newly developed building in September 2021. Involved in the deal: Greek Development, Advance Realty Investors & CBRE.
David Greek, Managing Partner, Greek Development: Bill Bumber, Managing Director, Advance Realty Investors: Matt Schlindwein, Managing Partner, Greek Development; and Tom Soulas, Vice President, Advance Realty Investors.
Party City Headquarters Operations Lease, Woodcliff Lake: As the first-ever NJEDA Emerge Program recipient, Party City Holdings Inc. secured a 7-year, $9.996M tax credit for its 208,911 SF Class A headquarters lease at 100 Tice Blvd. in Woodcliff Lake, NJ. The move consolidates two Party City offices into a newly designed creative workplace for 800+ current/future employees. Involved in the deal: Party City, Cushman & Wakefield, Savills Studley, CBRE, Inc., & Gensler.
Dana Nalbantian, Principal, Gensler; Ben Brenner, Executive Managing Director, C&W; Harlan Hollander, Executive Vice President, Savills; and Jane Orlin, Executive Managing Director, C&W.
CSG 105 Eisenhower Headquarters Lease, Roseland: As an Essex County-centric law firm undergoing exponential growth, CSG finalized a 109,000 SF lease to house 450+ employees and fortify its high-identity New Jersey presence in the North Building at 105 Eisenhower Parkway in Roseland. The move marks the firm’s 50th anniversary and enduring commitment to corporate citizenship in the county/state. Involved in the deal: Chiesa Shahinian & Giantomasi PC, Cushman & Wakefield, Gensler, SJP Properties & Vision Real Estate Partners.
Dana Nalbantian, Principal, Gensler; Ray Trevisan, Executive Managing Director, C&W; Frank Giantomasi, Esq., CSG; Andrew Natale, Chief Operating Officer, SJP Properties; and Al Corderi, Senior Property Manager, Vision Real Estate Properties.
HalRay Newark Portfolio, Newark: The HalRay Newark Portfolio is a three-building portfolio totaling approximately 800,000 SF of office/retail space with a 901-space parking deck. The sponsors have planned around $40M of capital improvements with the focus of social and economic impact in mind. The goal is to drive further activity along the Halsey Corridor with the end goal of radiating that activity throughout the city. Involved in the deal: Hanini Group, Shift Capital, Colnvestment Partners Murphy Schiller & Wilkes LLP, and JLL Capital Markets.
Michael Klein, Senior Managing Director, JLL; Andrew Kranich, Director of Development, Hanini Group; Samer Hanini, Managing Partner, Hanini Group; Brian Murray, Chief Executive Officer, Shift Capital; and Kellen Murphy, Managing Partner, Murphy Schiller & Wilkes LLP.
RCINJ Jack & Sheryl Morris Cancer Center, New Brunswick: This deal, a partnership among RWJBarnabas Health, Robert Wood Johnson University Hospital, Rutgers Cancer Institute of New Jersey, Middlesex County, and Devco will bring New Brunswick the state's first freestanding cancer hospital, a resilient central utility plant, a public parking structure also handling underground loading access, and a new state-of-the-art community school. Involved in the deal: New Brunswick Development Corporation (Devco), Rutgers Cancer Institute of New Jersey, RWJBarnabas Health, Robert Wood Johnson University Hospital, Rutgers Biomedical & Health Sciences and County of Middlesex.
Christopher Paladino, President, DEVCO and Sarah Clarke, Executive Vice President, DEVCO.
Valley National Bank at Speedwell Avenue, Morristown: SJP Properties and Scotto Properties secured a lease with Valley National Bank, represented by Newmark, to relocate its corporate headquarters to an in-progress development at Speedwell Avenue in Morristown. Upon completion in March 2023, Valley’s new base of operations is expected to bring over 660 professionals to Morristown’s thriving downtown. Involved in the deal: SJP Properties, Valley National Bank, Newmark, Gensler & Town of Morristown.
Roger Smith, Principal, Design Director, Gensler; Alexander Erdos, Senior Vice President, Leasing and Marketing, SJP; Chris Pastore, Vice President, SJP; and Andrew Natale, Chief Operating Officer, SJP Properties.