SOMERSET, NJ-One was a build-to suit that turned into one of the longest lease terms in Meadowlands history. The other involved the sale and construction of a headquarters in the Palisades area. Another entailed building and leasing a LEED platinum building. All were honored last night by NAIOP NJ as deals of the year at the organization’s 24th Annual Commercial Real Estate Awards gala at the Palace at Somerset here.
The organization received a record of 19 submissions for “Deal of the Year,” noted Michael McGuiness, NAIOP NJ CEO at the gala. The Macy’s Parade Studio in Moonachie was named the Creative Industrial Deal of the Year, with honors going to CB Richard Ellis, Macy’s and Russo Development. The deal involved finding a new home for Macy’s parade within eight miles of the Lincoln Tunnel under a tight deadline.
The sale and construction of LG Electronics’ new North American Headquarters at 111 Sylvan Avenue, Englewood Cliffs was named Economic Impact Deal of the Year, with honors going to CBRE, LG Electronics USA and Piedmont Office Realty Trust.
The BASF build-to-suit in Florham Park was named Creative Office Deal of the Year for its lease and construction of BASF’s Leed Platinum North American headquarters, anchoring a master-planned mixed-use development. Cushman & Wakefield, Rockefeller Group Development Corp., BASF, KPF, Gensler and Turner Construction were honored.
"What was outstanding was BASF not settling for real estate already existing in the market to build a first-class headquarters that's LEED Platinum," C&W's Robert Donnelly tells GlobeSt.com. "Long term, this has the opportunity to be the the biggest impact deal in New Jersey."
In an unusual move, Gateway Transit Village, the transit-oriented mixed-use complex in New Brunswick also was given a Meritorious Recognition Award by the judges.
Individual and corporate honors also were presented at the gala. The Impact Award, recognizing firms or individuals that have made a significant impact on New Jersey’s commercial and industrial real estate development, was given to both KTR Capital Partners and J. G. Petrucci Co.
The Chairman’s Award, given to a “leading-edge person, entity or real estate transaction” that has altered or created a way of doing business, was presented to CBRE.
The Industry Service Award, recognizing firms or individuals who have made “substantial contributions” to the industry was given to Wolff & Samson PC. The Lifetime Achievement Award was given to Leslie E. Smith Jr., executive VP, development of Rockefeller Group Development Corp.
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