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Major Morristown Deal

MORRISTOWN, N.J. — Accounting firm Deloitte has preleased a 110,000-square-foot office space at M Station, an office redevelopment project in Morristown. SJP Properties and Scotto Properties plan to convert the Midtown Shopping Center strip in downtown Morristown into two office buildings totaling 400,000 square feet. Deloitte’s lease is contingent on SJP and Scotto receiving full municipal approvals for the project. The company plans to relocate from its previous office in Parsippany and will occupy floors two through six of M Station East. The building will also include 10,000 square feet of ground floor retail. M Station West is planned to be seven stories and approximately 253,000 square feet, which will include approximately 230,000 square feet of office space and 23,000 square feet of retail space. David Stefancic, Lexis Livengood, Ben Brenner and Josh Cohen of Cushman & Wakefield represented Deloitte in the lease negotiations. Robert Donnelly, Robert Donnelly Jr. and Brian Decillis of Cushman & Wakefield represented SJP and Scotto. Gensler designed the project.

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New Medical Building in Glen Ridge

Glen Ridge and Montclair, N.J. – A ribbon cutting ceremony was held on Thursday for a three-story, 45,735-square-foot state-of-the-art medical office building at the former School of Nursing site across from Hackensack Meridian Health Mountainside Medical Center on the border of Glen Ridge and Montclair, N.J. Developed by The Hampshire Companies with Circle Squared Alternative Investments (Circle Squared) serving as the project advisor, the modern medical office building is anchored by Hackensack Meridian Health. The project enhances the scope and quality of comprehensive healthcare services and brings additional economic and quality-of-life benefits to the communities Mountainside Medical Center serves. Jon F. Hanson, James E. Hanson II, and John Durso from The Hampshire Companies and Jeff Sica of Circle Squared Alternative Investments were joined by top local and hospital officials to celebrate the milestone event including John Fromhold, FACHE, CEO of Mountainside Medical Center, Robert C. Garrett, CEO of Hackensack Meridian Health, , David Vandewater, CEO of Ardent Health Services, Frank Fekete, Chairman of the Hackensack Meridian Health Mountainside Medical Center Joint Venture Board, Tim O’Brien, COO of Mountainside Medical Center, and Glen Ridge Mayor Stuart K. Patrick. The state-of-the-art facility will provide increased access to quality care for the community providing a home for a variety of Hackensack Meridian Health’s specialty groups at Mountainside Medical Center including obstetrics and gynecology, internal medicine, family medicine, urology, general surgery, cardiology, orthopedics, ENT, pulmonary, GI, endocrinology, pediatrics and pediatric subspecialists from the John M. Sanzari Children’s Hospital at Hackensack University Medical Center.

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WHY USE A TENANT REPRESENTATIVE? BESIDES HIS SERVICE BEING FREE?

Tenant Representation: No Conflicts of Interest Whether you're relocating your business, expanding to another location or finding a home for your start-up, the commercial leasing process can be lengthy and difficult. Having tenant representation can help to simplify the process, but it's important that you choose the person who will be by your side throughout the process carefully. Many companies make the mistake of thinking that all tenant representation is the same, but that's simply not the case. These key points will help you understand the differences between tenant representation options. Tenant Reps and Brokers are Not the Same Tenant representatives and brokers both assist with the commercial leasing process, but the terms are not interchangeable. Both types of professionals can help you find office, retail, warehousing or industrial space and act as an assistant during the negotiation process, but who these individuals represent differs. Reps Work for You Brokers work for both you and the landlord. The key difference between tenant reps and brokers is for whom they work. A tenant rep serves as the advocate for the tenant only. A broker works for both the landlord and the tenant. Brokers May Tell You That You'll Save Money if You Skip Using a Rep Often, brokers who are eager to secure the business of a company will say that using a tenant representative for tenant representation will make the process more costly. This is because the landlord pays the fees of the tenant rep. While at face value this may be true, brokers also are paid a fee. Even if the broker's fees are lower than the rep's, tenants may still not see the big savings they are promised. Brokers Often Have a Conflict of Interest A broker's job is to fill the landlord's units, buildings or offices with tenants. As a result, he or she may recommend properties that are not completely in line with tenants' needs or that are not priced fairly in respect to current market trends. Choosing a Rep Frees You of Conflict of Interest Concerns With a tenant representative, you can feel confident that your interests are being looked out for. Because a tenant rep works solely for you, he or she will be most concerned with finding you the right space for your needs and helping you negotiate the fairest lease possible. That's why even if a rep's fees are higher than a broker's and the landlord folds some of those fees into your rent, you still have the potential to save money when you opt for a rep to serve as your tenant representation. Doing Background and Reputation Checks is Key While tenant reps are the smart choice for tenant representation, keep in mind that they're not all the same. Before you enlist the help of a particular rep, do some Internet research to get a feel for his or her reputation in the area. An

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Landlords Target Dining, Personal Services and Fitness to Woo Customers

Landlords Target Dining, Personal Services and Fitness to Woo Customers

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3 Technology Trends That Will Shape Commercial Real Estate In 2019

tech trends

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What’s the difference between a listing agent and tenant rep agent?

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Avoiding Office Leasing Mistakes

Avoiding Office Leasing Mistakes Office Leasing Mistakes OopsWith so many varied options for leasing office space, it can seem insurmountable to find just the right spot to meet your needs as well as those of your business! However, a few simple steps can help you in avoiding office leasing mistakes and find the best office option for you and your employees so that everyone feels welcome, productive and happy. Here are 3 suggestions that will make a big difference in avoiding office leasing mistakes for you in your search for office space. Try using a broker instead of “going out on your own”. Many smaller businesses attempt to seek future office space by way of classified ads, online postings, or even Craigslist. Obviously, this can have negative consequences for numerous reasons, not least of which can include fraudulent rentals or misrepresented properties. Hence, using a office space referral service or agent can prevent these problems before they begin. For brokers, there is no cost to you for their services. Plan for what is needed beforehand. How much space is truly needed now and in 3 years? How many employees do you have? What kind of layout do you want? How many clients visit your office for in-person service? Do you have conferences on premise, and if so, how many people generally attend them? How much parking is available, and is it enough for employees as well as any visitors you might anticipate? Giving thought to these scenarios can help you effectively predict not only how large or small of an office is necessary for your firm, but can also help you remain within budgetary constraints. Think ahead! Much like apartment rentals, individuals or companies will oftentimes leave renewals or potential moves to the very last minute, which can severely limit their options for negotiating new leases in their existing offices or finding desirable new locations. By preparing a few months ahead, you will then have enough time to weigh all your options, check in with your office space rental agent, negotiate a lease or a move, and keep your employees informed. This approach is a win-win for everyone and helps to avoid unneeded stress! Keeping things simple is a great way to go when considering new office space. To help streamline your search for the perfect go-to place for your firm, contact us today to assist in finding your office oasis and Avoiding Office Leasing Mistakes!

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Opportunity Fund in Central NJ

oppt fund

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Mack Cali Realty Group selling off a piece

Madison International Realty Acquires 5% Stake In Mack-Cali Realty Corp. NEWS PROVIDED BY Madison International Realty Feb 07, 2019, 09:28 ET SHARE THIS ARTICLE NEW YORK, Feb. 7, 2019 /PRNewswire/ -- Madison International Realty, a leading real estate private equity firm, announced that it has acquired a 5.0% ownership stake in Mack-Cali Realty Corporation (CLI), holding approximately 4.5 million shares. "We acquired the shares at what we believe to be a discount to net asset value (NAV), and we believe Mack-Cali holds material upside potential. We see a significant discrepancy between how the public market is pricing the company's shares and our private valuation," said Ronald Dickerman, President of Madison International Realty. "The company has articulated and is executing a transition to become a focused play on prime office and multi-family residential properties on the New Jersey waterfront and is committed to closing the NAV discount in its shares." "The company has divested, and has stated that it will continue to divest, legacy suburban and flex assets to focus on office and multi-family directly across the Hudson River from Manhattan, Brookfield Place and Hudson Yards, and offers its prime space at a significantly discounted rent," Dickerman said. Based in Jersey City, Mack-Cali is an owner, manager and developer of five million square feet of premier office space and 4,400 multi-family units on the New Jersey waterfront, with entitlements to build 7,000 additional units. The company is leading development, leasing and activation initiatives for Harborside, a master-planned destination composed of class A office, luxury apartments, retail, restaurants, and public spaces. Madison International Realty specializes in acquiring private ownership stakes, joint venture positions, and listed property shares in prime properties and portfolios in major markets in the US, UK and Western Europe. Madison invests selectively in listed real estate companies owning high-quality portfolios trading at discounts to net asset value. Other Madison REIT investments have included GGP Inc., TIER REIT, Monogram Residential Trust, Inc., Alexander's Inc. and Songbird Estates. "Mack-Cali fits well with our differentiated strategy of effectuating investments in listed property companies owning prime portfolios that we believe are trading at outsized discounts to NAV," Dickerman said. About Madison International Realty Madison International Realty (www.madisonint.com) is a leading liquidity provider to real estate investors worldwide. Madison provides equity capital for real estate owners and investors seeking to monetize embedded equity, to replace capital partners seeking an exit and to recapitalize balance sheets. The firm provides equity for recapitalizations, partner buyouts and capital infusions; and acquires joint venture, limited partner and co-investment interests as principals. Madison invests only in secondary transactions and focuses solely on existing properties and portfolios in the U.S., U.K., and Western Europe. Madison has offices in New York, London and Frankfurt, Germany, where the firm operates under the name of Madison Real Estate Beteiligungsgesellschaft mbH. SOURCE Madison International Realty

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Mack Cali keeps selling off office buildings

HAMILTON, NJ—Mack Cali Realty Corp. has completed its disposition of assets here with the sale of the 100% triple-net-leased 600 and 700 Horizon Drive office buildings here. Mack-Cali sold the 600 Horizon Drive office building, which totals 95,000 square feet, to a private investor. The single-story office building that was built-to-suit as a call center in 2002 is leased to Verizon Communications. The Jersey City, NJ-based REIT also sold 700 Horizon Drive to VEREIT of Phoenix. The 120,000-square-foot building that boasts similar amenities as 600 Horizon Drive, including advance fiber-optics, is leased to AAA. No financial terms of both transactions were released. NKF Capital Markets executive managing directors Steven Schultz, Kevin Welsh and, as leasing expert, Steve Tolkach, as well as managing directors Tony Georgiev and Brian Schulz represented Mack-Cali in the deals. “600 and 700 Horizon Center Drive are located within the Horizon Center Business Park, one of the leading multi-purpose office campuses in the area. Its prominent location right off Route 130 provides convenient access to regional thoroughfares and the greater Princeton market area,” says NKF’s Schultz. “We’re pleased with the results, as we concluded Mack-Cali’s disposition strategy in this area.” Back in April, Mack-Cali sold The Horizon Center, a 236,284-square-foot, six-building and two development site portfolio in Hamilton, NJ to Denholtz Associates. The NKF Capital Markets team also brokered that transaction as well. At the time of the sale, The Horizon Center, was 86% leased to 18 tenants. The properties included in the portfolio were: 2 South Gold Drive, 100 Horizon Drive, 200 Horizon Drive, 300 Horizon Drive, 500 Horizon Drive, and 3 AAA Drive, a two-story office building; as well as the two additional land sites at 5 and 6 AAA Drive with more than 12-acres combined and prime development potential.

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