Office-Using Employment Continues to Expand
The domestic economy showed little evidence of the rapid deterioration that has plagued other markets as the national unemployment rate fell to 3.5% in September. Leading and coincident economic indicators point to sustained, though moderated, growth levels. U.S. payrolls continued to expand monthly at the strongest pace since the 1990s, although skilled and service employment is expanding faster than in most other sector
FLORHAM PARK, NJ — Despite a near-record amount of new development in 2018, New Jersey’s supply of industrial space is not keeping pace with the extraordinary demand, according to Transwestern’s Fourth-Quarter 2018 Industrial Market Report. The 10.6 million s/f of space that was delivered last year – the most since 2001 – was not enough to satisfy the insatiable appetite of tenants, which set a new record for net absorption.
While the record-level absorption of 12.8 million
If you could dine with anyone dead or alive who would you choose? Ray Kroc – to ask why he apparently/allegedly broke his handshake promise to the McDonald Brothers.
What is your greatest professional accomplishment? In real estate, becoming an integral part and proud VP of one of the “NJ Best Places to Work,” TRANSWESTERN.
What is your most notable project, deal or transaction? Winning MAREJ’s “Largest Retail Lease” award in 2010 for the Harvest Restaurant deal in Morristow
TEANECK, NJ — Transwestern announced it represented 545 Cedar Lane Associates LLC in the disposition of 545 Cedar Lane, a 27,000 s/f office and retail property in Teaneck. The buyer, Stonegate Realty, is a top property owner in Bergen County and owns an additional property on Cedar Lane. Transwestern partner and city leader James Postell and vice presidents Rick Rizzuto and Dan Ligoner facilitated the sale on behalf of the seller. “Given this property’s central location and a
PARSIPPANY, NJ — Hollister Construction Services recently transformed nearly 80,000 s/f of empty space into a state-of-the-art headquarters for Langan Engineering & Environmental Services. The new office, which accommodates more than 300 employees, is located on the fourth floor of the five-story, 300 Kimball Dr. in Parsippany. “The success of this project was a team effort. We worked closely with Langan, Avison Young, Gensler and the rest of the team in order to meet project
Chevy Chase, MD — Federal Capital Partners (FCP) announces the $88.7 million sales of two Prince George’s County apartment communities, South Pointe and Montpelier Crossing. Located within walking distance of the Southern Avenue Metro station in Temple Hills, MD, the 390-unit South Pointe Apartment property was originally purchased by FCP as Oxon Park and Oxon Terrace in November of 2011. The property underwent an extensive common area improvement plan during FCP’s ownership.
Columbia, MD — Finmarc Management, Inc., a Bethesda, MD-based commercial real estate firm has announced the acquisition of a four-building flex/office portfolio comprising approximately 135,000 s/f of space for $15.75 million. Located at Rumsey Rd. in the Columbia section of Howard County, and formerly owned by First Potomac Realty Trust, the project is nearly 100% leased. Mark Glagola and Joe Friedman of Transwestern represented the seller in this transaction.
ISELIN, NJ — Transwestern’s New Jersey office announced it represented Helsinn Therapeutics (U.S.), Inc., a global pharmaceutical company specializing in cancer treatments, in a 33,000 s/f lease for the company’s new U.S. operations headquarters. Transwestern’s Tenant Advisory Services team, led by partner James Postell, facilitated the relocation and expansion on behalf of Helsinn Therapeutics and worked closely with Transwestern’s project management team on the office build