While many view the summer months as a “slow” time in commercial real estate, CBRE had another exceptional summer period, completing some of the largest transactions in office, industrial, retail and investment sales in the market.Between June 1 and August 29, CBRE executed 158 lease transactions totaling 3.11 million sq. ft. and 34 sale transactions totaling 1.32 million sq. ft. across all asset types.
The most prominent office deal completed by CBRE this summer was the 148,460 sq. ft. lease to relocate Mars Wrigley Confectionary’s U.S. operations to Newark, New Jersey. CBRE represented Mars in the multifaceted lease negotiations. The move by Mars will bring more than 130 new jobs to New Jersey, in addition to the more than 500 employees relocating within the state.
Other noteworthy office transactions included a 132,265sq.ft. lease for E*Trade Financial at Harborside Plaza 2 in Jersey City, followed by a 107,710 sq. ft. commitment by Celgene Corporation at 7 Powderhorn Drive in Warren, in which CBRE represented the landlord.
On the industrial front, CBRE arranged a 269,424sq.ft. lease with Gordon Logistics at 180 Raritan Center Parkway in Edison, as well as a 238,791 sq.ft. lease with East Coast Warehouse & Distribution at 30-100 Pulaski Street in Bayonne. CBRE represented the landlord in both transactions.
In addition to the office and industrial leases, CBRE also arranged a number of major retail transactions throughout New Jersey. The top two leases included a 32,136sq.ft. retail commitment by Fitness International LLCat 87 Ackerman Avenue in Clifton, and an 18,905sq.ft. lease by Bank of America at 1 Deforest Avenue in Summit.
“CBRE continued to experience outstanding leasing and sales momentum throughout the summer months,” said Jeff Hipschman, Senior Managing Director, CBRE. “Our team remained dedicated to client success and brought a tremendous number of deals to fruition and we are proud of the outstanding results we were able to achieve for our clients.” He continued, “We played a significant role in these landmark transactions that have helped shape the real estate landscape in New Jersey.”
A driving force in investment sales throughout the region, CBRE was also instrumental in a number of significant transactions including the $17-million sale of a former manufacturing site in Jersey City owned by Elementis Specialties. A development group acquired the property that housed a pigment and colorant plant for more than 70 years, and plans to build a mixed-use residential and retail project. CBRE represented the seller in the negotiations.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
