Industry Leaders, Top Deals Honored at NAIOP New Jersey's Awards Gala
Economic Impact, Creative Deal Making, Lifetime Achievement and Industry Service saluted at 26th Annual Event.
- (1888PressRelease) May 30, 2013 - Commercial real estate's top leaders and the top deals of the past year were saluted at NAIOP New Jersey's 26th Annual Awards Gala at The Palace at Somerset Park. The industry's largest statewide event was attended by a sold-out crowd of close to 700.
"Once again, our industry continues to demonstrate cutting-edge professionalism, and that hard work and creativity can bring success in any business cycle," said Michael McGuinness, CEO of NAIOP New Jersey, the commercial real estate development association. "Tonight, we congratulate all of the nominated deals for the impact they have had on New Jersey's economy, and those individuals and companies whose achievements have changed New Jersey's economic landscape for the better."
The Annual Commercial Real Estate Awards were garnered by Steven J. Pozycki of SJP Properties, who received the Lifetime Achievement Award. Honored with Impact Awards were Kushner Real Estate Group, accepted by Jonathan and Murray Kushner and Jeff Persky; and Prism Capital Partners, with Edwin Cohen accepting. The Industry Service Award honored HFF, with the firm's Jon Mikula, Tom Didio and Jose Cruz accepting.
The Award for Office/Mixed Use Deal of the Year honored Cushman & Wakefield, Vision Equities, Rubenstein Partners, Resource Realty and Bayer Healthcare for the land sale and development of Bayer's new East Coast Headquarters at 67 Whippany Road in Whippany, N.J. Vision Equities/Rubenstein Partners' 200-acre campus, once home to Alcatel-Lucent, is one of the largest mixed-use redevelopment sites in the submarket. The sale of 94 acres to Bayer and subsequent construction of a 675,000-square-foot class A headquarters housing 2,500 Bayer employees, and already approved for a 200,000-square-foot near-term expansion, is a crowning achievement.
From the Bayer project's initial creation of construction jobs to its long-term economic impact, this benchmark infill revitalization is monumental for both the State of New Jersey and the commercial real estate community.
The Award for Industrial Deal of the Year cited the combined leasing of 740,000 square feet at Pulaski Distribution Center at Routes 1 and 9 in Jersey City by Imperial Bag & Paper Co. (495,000 square feet) and Peapod (345,000 square feet), the online grocer and subsidiary of Ahold USA Inc. Honored were the two tenants, along with property owner Prologis and brokers Jones Lang LaSalle and CBRE.
With Pulaski's construction, Prologis is turning a 50-acre former Superfund site into a cutting-edge, LEED-certified, 880,000-square-foot distribution center. Peapod, which considered locations in New York, chose the Jersey City site and was awarded a $34.6 million in Urban Transit Hub Tax Credits. Assisting in Imperial's decision to remain in New Jersey was $29.1 million in Grow NJ credits by the NJEDA.
And the Award for Creative Deal of the Year cited the Biomet and Ferring headquarters relocation transactions, honoring Prism Capital Partners, owner of 399 Jefferson Rd. in Parsippany, N.J., Cushman & Wakefield, Inc., Jones Lang LaSalle, and tenants Biomet Technologies and Ferring Pharmaceuticals.
The ultimate lease-up and repositioning of the once-vacant 399 Jefferson Road entailed a complex process of two property dispositions, a 103,000-square-foot lease by Biomet, renovation of the property to create a highly efficient, LEED-certified headquarters combining office, lab and manufacturing, and an agreement by Prism to construct a 28,000-square-foot addition to accommodate the companies' requirements. Ultimately, the project successfully capped a complete turnaround of a Jefferson Road Business Corridor once characterized by numerous vacant buildings.
"We are very proud of all of our honorees this evening," said McGuinness. "Their impact on our state's economy cannot by understated, and all NAIOP New Jersey members thank them."
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