Search
 

Devastated Companies Scramble for Space

JERSEY CITY-As Lower Manhattan companies struggle to rebuild their operations in the wake of the WTC tragedy, vacant spaces in New Jersey are providing options.

By Eric Peterson | Updated on September 14, 2001

JERSEY CITY-Reports have been circulating that all available sublease space in this waterfront city was gone within 48 hours after terrorists dealt their deadly blow to Lower Manhattan. “I’ve heard those reports, but I can’t verify the accuracy,” David E. Knee, executive vice president of Binswanger/Klatskin, the Teterboro, NJ-based commercial real estate firm, tells GlobeSt.com. “But a lot of the companies that have been devastated are obviously looking for space.”

“The waterfront is going to see whatever kind of availabilities they have get taken,” adds Douglas H. Haynes, managing principal of CRESA Partners/New Jersey, which until recently was the corporate services arm of Alexander Summer. “That’s particularly true with the online trading firms like Charles Schwab and Knight Trading, who were just committing to the Lefrak Organization’s project at Newport [in Jersey City].”

As far as the situation in general, “business will go on and people are going to need facilities,” Haynes tells GlobeSt.com. “We’re seeing evidence of this in the outer markets, like Parsippany and along the I-78 corridor in the Berkeley Heights area, where some sublets are available from AT&T. We’ve already heard that a lot of the sublet spaces for Aventis Pharmaceuticals have already been spoken for.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.