Newmark’s New Jersey offices successfully completed 4.8 million square feet of office transactions in 2011, reports David Simson, vice chairman and COO of the firm’s New Jersey operations. Included in the total were several prominent headquarters transactions, led by the state’s largest deal for 2011, Novo Nordisk’s 560,000-square-foot lease agreement in Plainsboro.
“It is indeed a credit to our professionals that we were able to assist these major corporations in satisfying their real estate requirements,” said Simson. “Given the challenges that everyone continued to face throughout the year, the fact that we were able to navigate an otherwise challenged economy and get deals done is a clear indication of the strengths that we continue to bring to the marketplace.”
The transaction engineered on behalf of pharmaceutical giant Novo Nordisk by Newmark’s Steve Tolkach is a $215 million redevelopment project joint-ventured by Ivy Equities, LCOR, and Intercontinental Real Estate Corp. Termed “positive economic news for the state” by Gov. Chris Christie, it involves the renovation and expansion of a 770,000-square-foot office building in Princeton Forrestal Center, which when completed will serve as the Danish company’s new U.S. headquarters.
“Novo Nordisk signed a long-term lease for the entire building, initially occupying 560,000 square feet with the option to take the rest of the space at any time,” said Tolkach. The transaction was New Jersey’s largest commercial real estate transaction of 2011.
A Newmark team lead by Simson also completed the transaction for the relocation of Realogy Corp. to a 270,000-square-foot under-construction building at 175 Park Avenue in Madison, N.J. Realogy, franchisor of such real estate brands as Better Homes & Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, The Corcoran Group®, ERA®, and Sotheby’s International Realty®, will occupy the entire building by late 2012.
“Realogy is an ideal fit for this building,” said Simson, whose team represented building owner The Hampshire Companies. “We have had a longstanding relationship with Hampshire, and are pleased to have been able to meet the requirements of everyone involved in this transaction.”
In another key transaction, Newmark represented Panasonic in a site search that resulted in the relocation of that company’s North American headquarters to a new building in Newark, N.J. Matrix Development Group and SJP Properties will construct the 338,000-square-foot, 12-story building, with Panasonic occupying 10 floors and the remaining two floors totaling 60,000 square feet available for lease.
“One of Panasonic’s options was to move to a location out-of-state,” says Newmark’s Timothy Greiner. “This transaction will provide a net benefit of $250 million for New Jersey, and we are pleased to have been part of creating that.”
“Overall, 2011 was very successful for our ability to create economic benefit for the state,” said Simson. “With these and other successes throughout the year, our firm is well-poised to continue that momentum into 2012.”
About Newmark
Newmark is one of the largest real estate service firms in the world. Headquartered in New York, Newmark and London-based partner Knight Frank together operate from more than 240 offices in established and emerging property markets on five continents. With a combined staff of more than 7,000 and revenues last year exceeding $993 million, this major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark is a part of BGC Partners, Inc. (NASDAQ:BGCP), a leading global brokerage company primarily servicing the wholesale financial markets. For further information, visit www.bgcpartners.com.