Heading the leasing team is Joseph Sarno and Robert Dinner from the firm's Edison office, with assistance from Jon Marks, Michael Gordon and Jeremy Neuer. Roger McManimon of the firm's Philadelphia branch is working on the assignment as well.
Targeted for large corporate users, accommodations at the Vista Center are divisible up to 200,000 square feet. The building will also include 14,000 square feet of ground-level retail, a parking garage for more than 1,140 cars and two public art components--a plaza with a signature sculpture and lobby with a video art installation. Daniel Brenna of Cushman & Wakefield tells GlobeSt.com, "Once we secure a lead tenant or reach a level of pre-leasing with a few tenants, construction could start about 6 months later."
Firms that lease space in the tower are eligible for a number of state incentives, including the Urban Transit Hub Tax Credit. According to Dinner, "The credit can potentially subsidize the full amount of a tenant's rent."
The UTHTC program allows tenants to take a credit against their state corporate income tax if they employ more than 250 workers. Vista Center is also located in an Urban Enterprise Zone, which gives credits for certain new hires, unemployment insurance discounts and sales tax exemptions on supply and equipment purchases. In addition, utility discounts are available under PSE&G's urban area rate program.
The Trenton Transit Center is in the final phase of a $80-million renovation project. It's the second busiest train station on New Jersey's Northeast Corridor, which runs from Boston to Washington.
RMJM designed the building. Once construction starts, the build-out is expected to take approximately 24 months.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
