Real Estate

Newmark Secures Secaucus Distribution Facility

Newmark has secured a new 46,000-square-foot industrial lease for Creative Technology, Inc. (CT) at 60 Metro Way in Secaucus. CT is a technology services provider for the global events industry.

The Secaucus outpost, which includes 38,000 square feet of warehouse space with an 8,000-square-foot office component, seven loading docks and one drive-in.

Ownership, Hartz Mountain Industries, is a regional real estate enterprise focused on industrial and multifamily assets. NEP Group-subsidiary Creative Technology is one of the world’s largest leading technology services providers to the global events industry.

Newmark Vice Chairman David Simson and Managing Director Dan Reider represented the tenant in the lease transaction.

“With the closing of this transaction, we congratulate Creative Technology on their expansion into the New Jersey industrial market,” said Simson. “Integral to our approach was knowing the client’s need for a larger space to accommodate their rapidly growing business operations. Ultimately, 60 Metro Way presented a favorable solution, solidified by the property’s highly accessible location.”

According to Newmark Research, Northern New Jersey industrial leasing witnessed continued strength through the fourth quarter of 2022. Net absorption for the quarter was 2,956,154 square feet, bringing the year-to-date total to 12,241,767 square feet. Despite the slight increase in vacancy, the submarket closed the year with a 2.8% vacancy rate, still 30 basis points below the fourth quarter of 2021.

To access more business news, visit NJB News Now.

Related Articles: