Somerset Development will transform the mid-century modern building, designed by renowned architect Eero Saarinen, into “Bell Place,” a mixed-use office and retail center, with additional housing development on the pastoral grounds.

“It's been eight long years,” said Ralph Zucker, Somerset's president in accepting the award. “It feels like 40.”

Zucker, like other award winners, referred to the very high barriers to development in New Jersey - in the case of Bell Place, he said, especially “archaic zoning.”

“Until we can come together and deal with our zoning and not segregate our uses,” Zucker said, “we are going to have more dinosaurs than diamonds.” That phrase became a refrain during the evening. It has been used as the title of various NAIOP seminars and presentations about the problem of “dinosaur” office buildings in suburban locales and the potential for turning them into “diamonds.”

In Bridgewater, the NJ Center of Excellence Project that won Creative Deal of the Year honors represented a highly compressed effort to rebrand and repurpose the former Sanofi pharmaceutical campus. Within 12 months, the campus was re-envisioned and acquired by Advance Realty and Cross Harbor Capital Partners in a deal orchestrated by JLL.

Edging out “Bell Place” for the Deal of the Year, the Bridgewater project also involves a plan to create a mixed-use town center that includes apartments, pedestrian and biking trails, retail and a hotel, along with offices and labs.

Peter Cocoziello, CEO of Advance, has repeatedly spoken about the project being a model of “reinvention” that could be used with other vacant or underutilized office complexes in suburban locales.

Two major tenants quickly attracted to the Center of Excellence – Ashland Inc. and Amneal Pharmaceuticals – were also mentioned in NAIOP's award recognition; also, JM Zell, Colliers International and Cresa NJ.

The Office Deal of the Year winner was roofing manufacturer GAF's move to consolidate its operations and relocate its corporate headquarters in Parsippany, after a comprehensive multi-state search done byCBRE. Normandy Real Estate Partners was the project manager in renovating 1 Campus Drive in Parsippany, where GAF is moving 600 employees from its previous headquarters of 30 years in Wayne.Rockwood Real Estate Advisors was also involved in the deal.

The NFI Park at Florence Crossings project won the Industrial Deal of the Year award. NFI built a 526,050-square-foot Northeast distribution center for Subaru of America and a 238,732-square-foot pharmacy fulfillment center for Express Scripts Pharmacy.

CBRE orchestrated the deal; other parties involved included Arco Design Build, Ware Malcomb, Taylor Wiseman & Taylor, Wells Fargo and Florence Township, NAIOP said in handing out the honor.