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Ironside Newark draws second law firm tenant

Edison Properties has attracted another law firm to its adaptive reuse project known as Ironside Newark, inking a 4,000-square-foot lease with a boutique litigation practice.

The developer and owner announced Thursday that Robinson Miller, which is already based in Newark, has become the latest tenant to commit to the property. The firm will move its headquarters to the third floor of the building, which sits at McCarter Highway and Edison Place, when it opens in mid-2019.

The transaction comes two months after Edison announced a 7,296-square-foot lease with Pearlman & Miranda, a law firm that will relocate from Bloomfield. The developer has now leased 73 percent of Ironside Newark’s loft-style office space, which makes up the bulk of the building’s 456,000 square feet.

“We’re excited to welcome Robinson Miller to Ironside Newark, and believe its addition to the building is a testament to the evolution of today’s office market,” said Michael Sommer, Edison Properties’ executive vice president of development. “In today’s market, all prospective tenants are seeking a unique, dynamic environment for their workers.

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Adaptive Reuse Projects Spur Growth in New Jersey Office Market

Adaptive reuse and redevelopment projects along with a robust job market—particularly in the financial and professional services sectors—are the linchpins driving New Jersey’s office market growth.

The availability rate, which is at its lowest point in nine years, has improved thanks to the repurposing of obsolete office product. Last year, 12 properties totaling 2.3 million square feet were marked for redevelopment, taking them out of inventory. Through the first half of 2018, 20 office properties totaling 2.7 million square feet are slated for redevelopment, which will further lower the availability rate.

The redevelopment of these spaces has also steadily driven up Class A asking rents over the past three years by 6.1 percent to 29.62 per square foot.

The positive momentum in the market can also be attributed to the 4.2 percent unemployment rate, a 10-year low, and incentive programs, like Grow NJ, that have attracted and retained businesses in the Garden State, sustaining demand.

The most significant adaptive reuse project currently under way is at 110 Edison Place in Newark. Also known as Ironside, the 22-acre project will transform a historic obsolete building at the corner of Edison Place and McCarter Highway into a 450,000-square-foot state-of-the-art office and retail building. The seven-story building, with direct access to Mulberry Commons Park, is expected to be completed by the end of the year.

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