The New Jersey chapter of NAIOP, the commercial real estate development association, has announced the finalists for its highly coveted 2024 Deal of the Year Awards. The winners will be celebrated at the 37th annual Commercial Real Estate Awards Gala on May 16 at the Palace at Somerset Park in Somerset.
The winner of the Office Deal of the Year is:
- Bank of America lease at Newport Tower, Jersey City: With strategic foresight and a multimillion-dollar reinvestment, Newport Tower in Jersey City was transformed to support a return-to-the-office strategy and secure a blockbuster tenant, illustrating the future direction and viability of the sector. Bank of America’s commitment represents New Jersey’s only renewal/expansion lease over 500,000 square feet in the past decade. Involved in the deal: Cushman & Wakefield and BentallGreenOak.
The winner of the Mixed-Use Deal of the Year is:
- Harborside Portfolio $524 million sale, Jersey City: As Exchange Place’s centerpiece, Harborside 1-2-3-4-6 garnered a collective $524 million in three separate sales transactions that set the district’s reactivation into motion. Poised to realize its full potential as the Jersey City Waterfront’s newest live/work/play neighborhood, Harborside’s premier assemblage presented one of the most exceptional repositioning opportunities nationwide. Involved in the deal: Cushman & Wakefield, CBRE Inc., Veris Residential Inc., American Equity Partners LLC, Panepinto Properties and related companies.
The three finalists for the Industrial Deal of the Year are:
- CenterPoint at Linden, Linden: CenterPoint at Linden is a unique, in-fill redevelopment success story that transformed the former site of a functionally obsolete retail power center into a modern 321,675-square-foot industrial distribution center. The project met environmental, sustainability and community goals while also delivering all the amenities that today’s logistics tenants demand. Involved in the deal: CenterPoint Properties, Cushman & Wakefield, KSS, Langan, Property Solutions, KBS Advisors, CSG Law, RC Anderson and the city of Linden.
- Central 9 Logistics Park, Old Bridge: This state-of-the-art industrial park spans 800 acres and has created over 2,000 jobs while enhancing the regional economy. The park fosters innovation, commerce and sustainable growth, epitomizing forward-thinking development. Paragon Packaging, an innovative woman-owned business, signed the inaugural lease in 2023. Involved in the deal: 2020 Acquisitions, Cushman & Wakefield, Giordano, Halleran & Ciesla, Bohler Engineering, Alston Construction and M+H Architects.
- Seagis Newark Airport Logistics Center, Newark: When United Airlines determined the need to relocate from Newark Liberty International Airport, a creative solution was required due to zero availability of Class A buildings near the airport. CBRE identified an off-market build-to-suit opportunity with Seagis and, in collaboration with local officials, United Airlines was able to move its operations. Involved in the deal: Seagis Property Group LP, Cushman & Wakefield, CBRE, North Star Construction Management Inc., Cole Schotz, Ecolsciences Inc., VRH Construction, Alliance Architecture, SM Design & Consulting P.C., Dolan and Dean Consulting Engineers, Melick-Tully & Associates, GZA GeoEnvironmental Inc., Dynamic Survey LLC, Pearlman & Miranda LLC, Barack Ferrazzano Kirschbaum & Nagelberg LLP and ELIACA.
The Gala will also honor NAIOP New Jersey’s 2024 Commercial Real Estate Awards recipients. Denholtz Properties CEO Steven Denholtz will receive the Charles Klatskin Lifetime Achievement Award. The Impact Award will be presented to Bethann Rooney, Port Authority of New York and New Jersey, and to CSG Law. Former NAIOP NJ CEO Michael McGuinness will be recognized with the Industry Service Award, and Carteret Mayor Daniel Reiman will be honored with the Caren S. Franzini Public Partner Award.
To purchase tickets, click here. The members-only presale discount ends April 12.
