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A Year of Really Big NJ Commercial Real Estate Deals

The last few days have been filled with New Jersey office acquisitions in the hundreds of millions of dollars.

By Debra Hazel | Updated on December 22, 2011

Maybe it’s the fact that we’re nearing the end of the year – or the timing is just pure coincidence — but the last few days have been filled with New Jersey office acquisitions in the hundreds of millions of dollars. Look at the list of deals:

  •             Metropolitan Center — $104.9 million
  •             10 Exchange Place — $285 million
  •             Newport Tower – $377 million
  •             Morris Corporate Center — $110 million

That’s just in the second half. Many more deals come in just under $100 million. Of course, all of these are some of the great office buildings in the state – well located, well maintained, with a tenant roster of major corporations. They’ve earned their elevated status and commensurate prices.

All year long, we’ve been told that trophy properties are the preferred choice for investors. No one wants to take major risks, and high-rise office buildings, particularly in Hudson County, are about the safest investment around. Months ago, Mack-Cali CEO Mitchell Hersh noted that the trophy market was becoming overheated.

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