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Office Market: There Is Activity After All

RAHWAY, NJ-A trio of deals this week, in Cranford, Hoboken and here, highlight the current nature of the market.

By Eric Peterson | Updated on January 21, 2009

RAHWAY, NJ-Indeed, major firms are shedding space in New Jersey and across the country, particularly in the finance sector. But deals are still getting done, and some of them are pretty unique. Here, for example, two-thirds of the three-story, 65,000-square-foot 2 City Hall Plaza has been sold and placed on the market for lease.

Specifically, SD LLC has sold the top two floors totaling 41,000 square feet to an unidentified buyer. Senior vice president Beth Krinsky and vice president Terry Kenny of Weichert Commercial Brokerage worked out the details for both sides. The sale price was not disclosed.

The Rahway Public Library occupies the ground floor of the class A building, and WCB has been hired to find tenants, with a focus on professional office users. The building is near several redevelopment projects, including the new City Plaza apartment complex, a 16-story Intercontinental Hotel and the recently renovated NJ Transit train station.

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