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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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Newark Building Sold

Paramount Assets Adds 560 Broad St. To Its Newark Portfolio JULY 18, 2018 | BY STEVE LUBETKIN 560 Broad Street lies in the heart of Newark’s Central Business District within walking distance of NJ Transit’s Broad Street Station REPRINTS 560 Broad St., Newark, NJ 560 Broad St., Newark, NJ NEWARK, NJ—Paramount Assets has added 560 Broad Street to its Newark property portfolio. Located between Lombardy and Fulton streets, the acquisition encompasses a 33,000-square-foot, four-story office building vacant at the time of sale, and an 18,000-square-foot neighboring space that previously housed the Broad Street Café and Little Theatre. Terms of the deal were not disclosed. Situated in the University Heights area of Downtown Newark, the purchase provided the opportunity for Paramount Assets to acquire a value-add real estate asset with adaptive reuse potential, according to Richard Dunn, senior vice president. The acquisition also underscores Paramount Assets’ growing presence in Newark. The firm recently completed the redevelopment of 2 Ferry Street, and currently is developing William Flats, a luxury multifamily rental property at 869 Broad Street. “The accumulation of real estate in this downtown area is significant, and 560 Broad Street certainly is a valuable addition to our portfolio,” says Dunn. “Existing properties in urban locales with strong adaptive reuse potential are very attractive to us. In this case, having two contiguous spaces that can be combined into one larger block – measuring about 110 feet wide by 170 feet deep – was a key factor in our decision to purchase these two properties.” 560 Broad Street lies in the heart of Newark’s Central Business District within walking distance of NJ Transit’s Broad Street Station. By car the building offers easy access to I-78, I-280, the NJ Turnpike and Routes 1&9. It is just steps away from restaurants, hotels and new luxury high-rise apartments, along with arts district attractions including the Newark Museum, Newark Public Library, Prudential Center and the New Jersey Performing Arts Center, among others. The Newark campuses of Seton Hall and Rutgers Universities and the New Jersey Institute of Technology all are nearby. Dunn says Paramount is still determining the best use for the property. “We’re in the strategic planning phase, conducting our due diligence and evaluating what’s possible – and feasible – in that location,” he says. “It’s exciting because we have two great structures to work with and, ultimately, a lot of possibilities ranging from historic preservation to converting the property into a mixed-use midrise tower. This downtown area is the economic engine of the City; it’s where people want to be. The goal in transforming this property is to bring more life and more people to this area which has long-term, sustainable benefits for Newark.” Paramount Assets is a family-owned, regional, full-service real estate investment firm specializing in urban property ownership, management and development. The company’s rapidly expanding portfolio currently includes 2.5 million square feet of commercial, multifamily and mixed-use holdings across 25 New Jersey municipalities.

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NEW JERSEY MULTIFAMILY In Largest NJ Apartment Sale Of 2018, Hoboken's Rivington Sells For $146M MAY 8, 2018 | BY STEVE LUBETKIN “The Hudson Waterfront market remains a target for REITs, pension fund advisors and private buyers alike,” says HFF's José Cruz. REPRINTS The Rivington, 1130 Grand Street, Hoboken, NJ The Rivington, 1130 Grand Street, Hoboken, NJ HOBOKEN, NJ—The Rivington, a 240-unit, luxury apartment community in Hoboken, NJ, has sold for $146 million in the largest apartment sale in New Jersey so far in 2018. Holliday Fenoglio Fowler marketed the property exclusively on behalf of institutional investors advised by J.P. Morgan Asset Management. Equity Residential purchased the property free and clear of existing debt. The HFF investment advisory team representing the seller included senior managing director José Cruz, managing director Kevin O’Hearn and senior directors Michael Oliver and Stephen Simonelli. “Capital continues to be attracted to multifamily assets in markets with high barriers to entry and significant future rental growth,” says Cruz. “The Hudson Waterfront market remains a target for REITs, pension fund advisors and private buyers alike.” The Rivington, 1130 Grand Street, is in the heart of the dynamic northwest section of Hoboken, which offers commuters access into Manhattan via the Hoboken PATH Station, 14th Street Ferry Terminal and the NJ Transit bus line. The property is within blocks of multiple retail amenities along Washington Street as well as the 5.4-acre Northwest Park. Completed in 1999, The Rivington features 240 two-bedroom, market-rate units housed within four six-story apartment buildings, each with one story of covered parking at ground level. A large portion of units have been renovated since 2014. Community amenities include an updated fitness center, newly renovated courtyard with lounge and grilling areas, clubhouse, private storage lockers and a Zipcar pickup/drop off station.

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Amazon to NEWARK?

NEWARK, NJ — Amazon representatives met with local community leaders in Newark on Tuesday to "fine-tune" the city's pitch to land the retail giant's new headquarters, dubbed HQ2. Aisha Glover, president and CEO of the Newark Community Economic Development Corporation, told Patch that New Jersey and Newark officials met with the Amazon HQ2 selection team to "fine-tune elements included in our pitch" and give the company a first-hand look at the city. "Suffice it to say, we hope the same compelling case that earned Newark recognition as one of 20 candidate cities from more than 200-plus proposals will help bring this home to New Jersey at the end of the day," Glover said. She declined to comment further on the views and reactions of the Amazon team in order to "respect the integrity of their selection process." Sources told NJ Advance Media that attendees at the meeting included Gov. Phil Murphy, Mayor Ras Baraka and local businessman/philanthropist Ray Chambers. See related article: Newark A Finalist For Amazon HQ2, Company Announces See related article: SNL Lampoons Newark's Odds Of Landing Amazon HQ (Video) Amazon has stated that the new facility will be a "full equal to its current campus in Seattle." The company said that it expects to invest over $5 billion in construction into the new headquarters and that it may bring as many as 50,000 "high-paying jobs" to the area. The project could generate an estimated $10 billion in direct and indirect economic activity, according to a company news release. Amazon listed some criteria for the new location. It needs to be in a metropolitan area, in a stable and business-friendly environment, close to world-class universities and to transportation infrastructure, and with optimal connectivity to the internet. The race to land the new facility has inspired proposals from more than 238 communities. According to Amazon, the other locations that are among the final 20 candidates are: Austin, TX, Chicago, IL, Columbus, OH, Dallas, TX, Denver, CO, Indianapolis, IN, Los Angeles, CA, Montgomery County, MD, Nashville, TN, New York City, NY, Northern Virginia, VA, Philadelphia, PA, Pittsburgh, PA, Raleigh, NC, Toronto, ON, and Washington D.C. See related article: Amazon HQ2: Shortlist Of Candidates Announced The proposal to bring Amazon's new headquarters to Newark has lined up supporters on both sides of the political spectrum, including former governor and Republican Chris Christie and Democrat U.S. Senator Cory Booker. "This deal would amount to one of the most successful endeavors in the history of New Jersey and Amazon," Christie said last year. "For New Jerseyans, HQ2 means 50,000 new jobs and the creation of a larger consumer base and direct opportunities for local small businesses and vendors to grow and thrive. Adding tens of thousands of dedicated and community-oriented Amazon employees and their families will also further enrich our area neighborhoods and schools." See related article: 'Bring Amazon HQ To Newark': Christie, Democrats Agree However, some critics have questioned the plan to offer the corporation a tax break through the state Economic Development Authority (NJEA) that could reach $5 billion over 10 years. Newark city officials are also offering the company a municipal property tax abatement that could be worth $1 billion, as well as a city wage tax waiver worth an estimated $1 billion over 20 years. The headquarters project would be required to create at least 30,000 new full-time jobs and represent a capital investment of at least $3 billion to earn the tax credits. The project would also be required to yield a net benefit to the state of at least 115 percent of the tax credits the company receives, according to a release from the state Senate. State Assemblyman John Wisniewksi, a Democrat from District 19, said that the Amazon "bidding war" will only put New Jersey on a downward spiral. "While the proposal would provide good jobs in the region, it also robs the state of the very revenue needed to address the consequences of such growth and development," Wisniewksi said. "If we add 50,000 employees to downtown Newark, where's the money to maintain and expand the system?" Wisniewksi questioned. "Who would pay for the additional wear and tear on roads or the additional police and firefighters needed to ensure public safety?"

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Kushner new buy

HACKENSACK, NJ—Kushner Companies has acquired Prospect Place, a 360-unit, two-building multi-housing property in Hackensack, NJ. Industry observers familiar with the property say the purchase price was around $100 million. Holliday Fenoglio Fowler marketed the property exclusively on behalf of the property owner, who was not identified. However, Real Capital Analytics, a proprietary transaction database, indicates that the property’s most recent owner was a joint venture of Goldman Sachs, Greystar, and Ivanhoe Cambridge, which acquired the asset in January 2013 for nearly $99.2 million as part of a 27-property Equity Residential Apartment Portfolio. HFF says Kushner purchased the property free and clear of existing debt. The HFF investment advisory team representing the seller included senior managing director José Cruz, managing director Kevin O’Hearn, senior directors Michael Oliver and Stephen Simonelli and director Marc Duval. “Prospect Place represents the right mix of infill Northern New Jersey multifamily product with renovation upside,” Cruz says. “Its Bergen County location with direct access to New York City attracts a wide array of tenants.” Prospect Place, 300 and 310 Prospect Avenue, offers convenient access to the New York City metropolitan area via the nearby NJ Transit Anderson Street station and Interstates 80 and 95. The two-phase property consists of an 18-story high-rise comprising 157 units averaging 1,331 square feet and a four-story mid-rise building comprising 203 units averaging 1,077 square feet. Community amenities include an outdoor lap pool with sundeck, landscaped courtyard, grilling stations, fitness centers, billiards room, resident lounges, concierge service and 653 covered parking spaces. Prospect Place is 96-percent occupied.

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