NAIOP NJ Gala Celebrates Deal of the Year Winners

On May 23, 2024

The Garden State’s commercial real estate community honored the achievements of leading professionals and organizations and celebrated the year’s most impactful transactions as NAIOP New Jersey hosted its 37th Annual Commercial Real Estate Awards Gala. The sold-out black-tie event was held at the Palace at Somerset Park on May 16.

In his opening remarks, NAIOP NJ President Mark Shearer, senior managing director for Rockefeller Group’s New Jersey and Pennsylvania region, said, “Our honorees represent the best of real estate and economic development. We are inspired by their commitment to excellence in transforming New Jersey communities. All of them will have a lasting and positive impact on our state, our industry, and our association.”

2024 Commercial Real Estate Awards Honorees

The Charles Klatskin Lifetime Achievement Award was presented to Steven Denholtz, CEO of Denholtz Properties, in recognition of his distinguished and longstanding record of exemplary service to the industry and the community. Former NAIOP NJ CEO Michael G. McGuinness received the Industry Service Award in recognition of his considerable contributions in support of the industry’s goals.

Bethann Rooney, Director Port, Port Authority of New York and New Jersey, and CSG Law received the Impact Award, which honors trendsetting firms and individuals that have significantly impacted New Jersey’s commercial and industrial real estate development industry. Borough of Carteret Mayor Daniel J. Reiman accepted the Caren S. Franzini Public Partner Award, which recognizes champions of economic development that inspires and transforms communities.

2024 Deal of the Year Awards

The evening included the announcement of NAIOP New Jersey’s Office, Mixed-Use and Industrial Deal of the Year Awards. Winners were chosen by a panel of judges based on impact on the community and marketplace; degree of complexity and/or uniqueness; innovative strategies; and creative problem solving.

Office Deal of the Year: Bank of America lease at Newport Tower, Jersey City, N.J. With strategic foresight and a multi-million-dollar reinvestment, Newport Tower in Jersey City was transformed to support a return-to-the-office strategy and secure a blockbuster tenant, illustrating the future direction and viability of the sector. Bank of America’s commitment represents New Jersey’s only renewal/expansion lease over 500,000 square feet in the past decade. Involved in the deal: Cushman & Wakefield and BentallGreenOak.

Mixed-Use Deal of the Year: Harborside Portfolio $524MM Sale, Jersey City, N.J. As Exchange Place’s centerpiece, Harborside 1-2-3-4-6 garnered a collective $524 million in three separate sales transactions that set the district’s reactivation into motion. Poised to realize its full potential as the Jersey City Waterfront’s newest live/work/play neighborhood, Harborside’s premier assemblage presented one of the most exceptional repositioning opportunities nationwide. Involved in the deal: Cushman & Wakefield, CBRE, Inc., Veris Residential, Inc., American Equity Partners, LLC, Panepinto Properties, and Related Companies.

Industrial Deal of the Year: Central 9 Logistics Park, Old Bridge, N.J. This state-of-the-art industrial park spans 800 acres and has created over 2,000 jobs while enhancing the regional economy. The park fosters innovation, commerce and sustainable growth, epitomizing forward-thinking development. Paragon Packaging, an innovative woman-owned business, signed the inaugural lease in 2023. Involved in the deal: 2020 Acquisitions, Cushman & Wakefield, Giordano, Halleran & Ciesla, Bohler Engineering, Alston Construction, and M+H Architects.

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