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New Jersey Future: Ironside Newark is winner of 2019 Smart Growth Award

Transformation of a long-vacant warehouse into a 21st-century office and retail destination with direct connections to transit, open space and nearby attractions
Primary Partners: Edison Properties, LLC; City of Newark; Newark Community Economic Development Corporation; Perkins Eastman

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NJBIZ: NAIOP New Jersey announces deal of the year finalists

The New Jersey Chapter of NAIOP, the commercial real estate development association, on Monday announced the finalists for its Deal of the Year Awards.

Three winners, one each for Industrial Deal of the Year, Office Deal of the Year and Mixed-Use Deal of the Year, will be revealed at the 32nd Annual Commercial Real Estate Awards Gala, which will be held on May 16 at The Palace at Somerset Park in Somerset.

The Industrial Deal of the Year finalists are:

  • Linden Logistics Center, Linden. Involving CBRE, Advance Realty and Greek Development.
  • Quest Diagnostics Lab at Prism’s ON3, Clifton. Involving Prism Capital Partners LLC; Quest Diagnostics; CBRE; Fox Fothschild LLP; Waters, McPherson, McNeill PC; Flad Architects; and GRE.

The Office Deal of the Year finalists are:

  • Gateway Center acquisition, Newark. Involving Onyx Equities LLC, Garrison Investment Group, Axonic Capital LLC, Taconic Capital Advisors, and Prudential Financial.
  • Integra LifeSciences headquarters relocation, Princeton. Involving Cushman & Wakefield, Integra LifeSciences, HLW International, Black Creek Group LLC, Fox Rothschild LLP, Sills Cummis & Gross PC, and Newmark Knight Frank.
  • Teva Pharmaceuticals headquarters lease at MCCBLUE, Parsippany. Involving Cushman & Wakefield, P3 Properties, JLL, and Teva Pharmaceuticals.

The Mixed-Use Deal of the Year finalists are:

  • 400 Claremont, Jersey City. Involving Cole Schotz PC and CBRE.
  • Ironside Newark, Newark. Involving Edison Properties, Beckerman, Newark Community Development Corp., Perkins Eastman, Langan Engineering and Environmental Services, CBRE, Genova Burns, and Riker Danzig Scherer Hyland & Perretti.

The recipients of the 2019 Commercial Real Estate Awards will also be honored at the gala.

Andrew Merin of Cushman & Wakefield will receive the Lifetime Achievement Award. The Impact Awards will be presented to Greek Development and Whitesell Construction Co. Inc.

Gretchen S. Wilcox of G.S. Wilcox & Co. will be recognized with the Industry Service Award. New Brunswick Mayor James M. Cahill will receive the Caren S. Franzini Public Partner Award.

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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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Edison Properties makes it official: It’s moving its HQ to Ironside Newark

Edison Properties, the privately owned real estate holding and development company that has had a presence in Newark for more than 60 years, officially announced it will be moving its headquarters to Ironside Newark, the former warehouse the company is modernizing into a state-of-the-art office complex.

The move, long expected, will take place in early 2019.

Edison Properties Executive Chairman Robert Selsam said the move reinforces the company’s longtime commitment to Newark.

“Edison Properties traces its beginnings to a single parking lot in Newark more than 60 years ago and has always remained deeply committed to the city’s success,” Selsam said in a statement.

“We are extremely excited to start a new chapter in our company’s history at Ironside Newark and continue playing a role in Newark’s resurgence.”

Edison Properties’ new offices will occupy 39,709 square feet. It is relocating from its longtime office space on Washington Street.

The company began redeveloping the former Newark Warehouse into Ironside Newark — the city’s first speculative office project in more than 30 years — in Spring 2017.

The property has attracted several tenants, including Mars Wrigley Confectionery’s North American headquarters. Its latest tenant, Bloomfield-based law firm Pearlman & Miranda, also was announced Thursday.

Edison Properties said the building’s state-of-the-art loft-style office space is 72 percent leased.

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Bloomfield law firm Pearlman & Miranda moving to Newark

Law firm Pearlman & Miranda is moving to Newark, becoming the latest office tenant at Ironside Newark, the firm announced Thursday.

The Bloomfield-based firm’s new offices will occupy 7,296 square feet on the third floor of Ironside Newark.

Ironside Newark is the former Newark Warehouse that is being redeveloped by Edison Properties into a state-of-the-art, loft-style office space. The mixed-use project will anchor Mulberry Commons, the park that is intended to connect the Prudential Center to the Newark Penn Station. It is situated directly adjacent to Newark Penn Station.

Pearlman & Miranda Managing Partner Isabel Miranda said the firm, founded in 2014, was ready to make a move.

“As we began our search for a new headquarters, it quickly became apparent that Ironside Newark was exactly the kind of first-class, modern venue we were looking for,” she said in a statement.

“Between its prime location, high-speed internet capability and access to all of downtown Newark’s shopping, dining and cultural attractions, our new home at Ironside will allow our firm to continue to grow and thrive for years to come.”

Pearlman & Miranda specializes in public finance, redevelopment, renewable energy, trusts and estates, civil litigation, social investment, bankruptcy and restructuring, horse racing and real property taxation.

Edison Properties’ Executive Vice President of Development Michael Sommer said Pearlman & Miranda will be a perfect addition to the building.

“We’re proud to bring Pearlman & Miranda, a woman- and minority-owned business, to Ironside Newark,” Sommer said. “In today’s market, executives across industries, from law to technology and beyond, are finding modern loft-style offices with open ceilings, exposed mechanical systems, polished concrete floors and rooftop terraces attractive for their companies.

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REAL ESTATE NJ: It’s official: Edison, Mars Wrigley ink lease for Ironside Newark

Edison Properties and Mars Wrigley Confectionery U.S. have completed a lease that will bring the candy company to downtown Newark.

Michael Sommer, executive vice president for development with Edison, said Tuesday that the two sides had signed the agreement for space inside the building known as Ironside Newark. Located at Edison Place and McCarter Highway, the property is a historic freight warehouse that the developer is restoring and converting to more than 450,000 square feet of office and retail space.

“It’s a great deal for Newark, a great deal for Edison and a great deal for the state of New Jersey,” Sommer said, later adding: “On behalf of Edison Properties, we’re thrilled and we look forward to welcoming them to Newark in 2020.”

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ROI: It’s official: Mars Wrigley signs lease, will move into Ironside Newark in 2020

In a move that has been expected since last November, Mars Wrigley Confectionery has signed a lease to become a major tenant at Ironside Newark, ROI-NJ has learned.

Michael Sommer, executive vice president for development for Edison Properties, which owns the building, confirmed the agreement.

“I can confirm that we have signed Mars Wrigley Confectionery at Ironside Newark,” Sommer said. “Edison Properties is obviously thrilled and we look forward to welcoming them in 2020.”

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ROI: True to Newark: Leasing agent of Ironside project hopes to bring flavor of city to its restaurant options

Jason Pierson knows retail leasing in urban areas up and down the state.

More importantly, he knows Newark.

So, when Pierson Commercial was named by owner Edison Properties earlier this month as the retail leasing broker for Ironside Newark — the soon-to-be completely refurbished warehouse that will anchor the city’s latest park, Mulberry Commons — he knew exactly the type of restaurant he hopes will anchor the 75,000 square feet of retail that will fill the bottom floors below the office space.

A restaurant from the Ironbound.

“We want to do something that showcases Newark,” Pierson said. “We’re not just looking for national brands. We also want great local operators. And we would love to have a restaurant from the Ironbound be a part of the project.

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NJ BIZ: United Way CRE event honors Hollister head coach, Ironside Newark

Hollister Head Coach Chris Johnson receives the inaugural United Way Spirit Award from United Way Senior Vice President of Resource Development Theresa Leamy.

Hollister Construction Services Head Coach Chris Johnson was raised against a backdrop of giving back, with volunteerism and a sense of community instilled in him at an early age.

By 13, Johnson was already volunteering at a food bank.

“In my mom’s home you had to give to live, so I was raised with serving food at a food bank and carrying instruments into the philharmonic,” Johnson said upon receiving the United Way of Northern New Jersey’s Spirit Award.

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