Top Deals, CRE Leaders Honored at NAIOP New Jersey's Awards Gala
25th Annual Event Salutes Economic Impact, Creative Deal Making, Lifetime Achievement and Industry Service.
- Middlesex-Somerset-Hunterdon, NJ (1888PressRelease) May 23, 2012 - Commercial and industrial real estate leaders, and the top deals of the year, were honored at NAIOP New Jersey's 25th Annual Commercial Real Estate Awards Gala at The Palace at Somerset Park. The sold-out event was attended by approximately 700 industry professionals.
"We congratulate all of tonight's honorees," said Michael McGuinness, CEO of NAIOP New Jersey, the commercial real estate development association. "All of the nominees clearly demonstrated the hard work and creativity required to make these transactions happen. More important, all of the nominated deals have had a substantial impact on the landscape of New Jersey as the state continues its economic rebound."
The competition for the prestigious Economic Impact Award resulted in a tie between Panasonic Corporation of North America's new U.S. headquarters in Newark, and Goya Foods' purchase of a development tract in Jersey City. In Jersey City, Goya Foods will transform a 40-acre brownfield site into a 631,000-square-foot sustainable distribution facility and headquarters for the largest Hispanic-owned food manufacturing company in the U.S. The project translates into 500 existing local jobs and more than 80 new positions. Honored for their roles in the transaction were Cushman & Wakefield, Rockefeller Group Development, Diamond Realty Investments, Langan Engineering & Environmental Services, Connell Foley, Sills Cummis & Gross, M&A Architects, New Jersey EDA, and Goya Foods.
Newmark Knight Frank, Matrix Development Group, SJP Properties, the New Jersey EDA, the City of Newark, Biggins Lacy Shapiro & Co. and Panasonic were all cited for the project to locate the latter's headquarters in Newark. The milestone 15-year lease for a 338,000-square-foot, now-under-construction, LEED Gold-certified building in Newark will keep 1,000 jobs in New Jersey, with an estimated net positive benefit to the state of nearly $223 million over the next decade. The building will rise in one of the state's urban transit hubs.
The award for Creative Office deal also had two winners. For one, Novo Nordisk signed a 15-year lease for a 730,000-square-foot U.S. headquarters office, creating 250 construction jobs and 500 permanent jobs, while retaining 1,000 existing jobs in New Jersey. The project will convert a vacant office facility into a state-of-the-art LEED Silver Certified headquarters. Honored for their roles were Ivy Equities, LCOR Inc., Intercontinental Real Estate, Holliday Fenoglio Fowler, Newmark Knight Frank, Cushman & Wakefield, Granum Architects, Structure Tone, Sills Cummis & Gross, Reed Smith, and Novo Nordisk.
The second Creative Office award was presented for the relocation of Realogy Corporation's headquarters to a 270,000-square-foot under-construction building at 175 Park Avenue in Madison, N.J. The project, which will transform a functionally obsolete office building into a state-of-the-art, LEED Silver-certified headquarters, will maintain 1,300 jobs in New Jersey. Honored for the project were The Hampshire Companies, Newmark Knight Frank, Drinker Biddle & Reath, the New Jersey EDA, Kohn Pederson Fox, Tishman Construction, and Realogy.
Winner of the year's Creative Industrial deal was a redevelopment by Elberon Development Corp. for Wakefern Food Corp. in Elizabeth, a project that saves 345 jobs in Elizabeth, N.J., creates 350 new jobs over the next several years, and provides 140 construction jobs. The project for Wakefern, the food cooperative for ShopRite supermarkets, includes reuse of land, temporary relocation of the tenant, coordination of incentives, approvals, federal bond financing, development of a new state-of-the-art distribution center, then returning the tenant to its original location. Honored for their roles were Elberon, Wakefern, Langan Engineering and Environmental Services, F. Greek Development, and TD Bank.
The Gala's main event was the presentation of the 2012 Commercial Real Estate Awards, including L. Robert Lieb, Chairman and CEO of Mountain Development Corp., who received the Lifetime Achievement Award. The Impact Awards were presented to Andrew J. Merin of Cushman & Wakefield, and to T&M Associates. The law firm Wilentz Goldman & Spitzer received the Industry Service Award. Seena Stein, of Newmark Knight Frank, was honored with the Chairman's Award.
"We are very proud to present these well-deserved awards," said McGuinness. "The accomplishments of these individuals and firms truly cannot be understated, and all NAIOP New Jersey members thank them."
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