“The property's location in the heart of Fairview in Bergen County helped to drive investor interest while the recent renovation and upside in rents pushed pricing,” says HFF's José Cruz.
North Chicago, IL-based AbbVie is the first tenant at the Gateway campus. BioMed Realty is currently building the first phase of the 1.4 million square foot Gateway of Pacific campus.
The property, located at the northwest quadrant of Powers Ferry and Terrell Mill Roads, will be located within the new master planned 24-acre Marketplace Terrell Mill development.
Monmouth County is seeking to facilitate the growth of an emerging technology cluster at Fort Monmouth, which already houses the headquarters of three technology companies, currently employing over 1,000 people on the former Fort.
The assets do not align with the seller's core plan for the area, so it is effectively the first time they are available to be acquired by someone who can focus on maximizing each individual asset.
Large life science companies contributed to increased leasing activity in San Diego, in the third-quarter, with three lease deals of 50,000 square feet and up.