CRE 2023 Deal of the Year Finalists Revealed

On Mar 9, 2023

The New Jersey Chapter of NAIOP, the commercial real estate development association, has announced the finalists for its highly coveted 2023 Deal of the Year Awards. The winners of the Industrial Deal of the Year and Office Deal of the Year will be revealed at the 36th Annual Commercial Real Estate Awards Gala, which will be held on Thursday, May 18, at The Palace at Somerset Park in Somerset.

The Industrial Deal of the Year finalists are:

• Monroe 8A Logistics Center – Home Depot, Monroe: One of the largest warehouses in New Jersey, Monroe 8A Logistics Center, a 1.28 million-square-foot industrial development by Brookfield Properties, was able to secure – with the aid of JLL as its leasing team – a long-term lease with Home Depot, which was represented by CBRE. Involved in the deal: Brookfield Properties, JLL, Sansone, QuadReal, Colliers, and Apollo.
• Bridge Point 78 Phase II, Phillipsburg: In October 2022, a multinational e-commerce and third-party logistics, publicly traded platform signed a 1.25 million-square-foot, long-term lease for the entirety of Bridge Industrial’s Class A development, Bridge Point 78 Phase II. This marked one of the year’s largest leases signed across the entire state. Involved in the deal: Bridge Industrial.
• Samsung @ Linden Logistics Center, Linden: In one of the largest transactions of the year, JLL represented Samsung in securing 735,220 square feet in New Jersey’s largest industrial park under development, at the footsteps of Port Newark/Elizabeth, from survey to lease execution in just two months. Involved in the deal: Advance Realty Investors, JLL and Greek Development.

The Office Deal of the Year finalists are:

• Englewood Health Consolidation/Expansion, Englewood: A CBRE team was charged with finding 100,000 square feet of commercial space proximate to Englewood Hospital’s central location, in a supply-constrained corridor of the city that would also suit the clinical needs of Englewood Health in terms of scale, build-out potential and convenience for staff and patients. Involved in the deal: CBRE and Englewood Health.
• 101 Hudson, Jersey City: This historic, $346 million sale represented New Jersey’s largest office trade in 2022 and one of the largest investor office trades in the state’s history. Executed during one of the most challenging capital markets environments, the sale was a monumental achievement in Veris Residential’s (formerly Mack-Cali) eight-plus-year strategic office disposition plan. Involved in the deal: Cushman & Wakefield, The Birch Group and Veris Residential.
• Avis Budget Group at Latitude, Parsippany: Avis Budget Group relocated its world headquarters to Latitude, a state-of-the-art, 700,000-square-foot office complex owned by Vision Real Estate Partners and Rubenstein Partners. The creative office condominium transaction resulted in the retention of 600 New Jersey jobs and significant financial benefits to the occupier, owner, and the state. Involved in the deal: Vision Real Estate Partners; Rubenstein Partners; Newmark; CBRE; Charles Applebaum, Esq.; Fox Rothschild; Greenbaum, Rowe, Smith & Davis LLP; and Giordano Halleran & Ciesla.
• Fiserv New Jersey HQ at The Park Berkeley Heights: Fiserv’s 411,954-square-foot, long-term lease at The Park was New Jersey’s largest new office lease in 2022. Fiserv’s financial technology hub, one of the largest on the East Coast, will bring together existing and future New Jersey employees as they collaborate and innovate in an inspiring workplace environment. Involved in the deal: Cushman & Wakefield; The Connell Company; Fiserv; VVA Project Management Company; GS Ferguson Group, LLC; Mancini Duffy; Ted Moudis & Associates; Structure Tone; Robert Derector Associates; and Husch Blackwell, LLP.

The Gala will also honor NAIOP New Jersey’s 2023 Commercial Real Estate Awards recipients. Cushman & Wakefield’s Robert Donnelly, Sr. will receive the Charles Klatskin Lifetime Achievement Award. The Impact Award will be presented to Christopher J. Paladino, New Brunswick Development Corp.; and to George Jacobs, Jacobs Enterprises Inc. Additionally, Meryl A.G. Gonchar, Sills Cummis & Gross PC, will be recognized with the Industry Service Award; and New Jersey’s Lieutenant Governor, the Hon. Sheila Y. Oliver, will be honored with the Caren S. Franzini Public Partner Award.

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