New Jersey

The financing was arranged by JLL Capital Markets and provided by Prime Finance for the 330,631-square-foot office building that PAG Investments purchased from Mack-Cali Realty of Jersey City in late 2019.

The New Jersey office market experienced a 120-basis point drop in the vacancy rate, going from 14.3% in the fourth quarter of 2018 to 13.1% at the end of the fourth quarter of 2019, according to a report released by Avison Young.

While not coming out and predicting a recession in 2020, Heil did say, "We are not going to be seeing as much economic growth as in 2019, both nationally and regionally."

The deal brokered by CBRE involves Arc's move this April from its current administrative offices at 1465 Route 31 South in Annandale to the 277,000-square-foot property owned by Shelbourne Global Solutions of New York City.

With its lease of 343 Murray Hill Parkway, Axis Global Logistics will be able to service its growing client base in the New York City metropolitan market, according to NAI James E. Hanson.

Law firm Landman Corsi Ballaine & Ford inked a 10-year lease extension and expansion to 23,563 square feet and will now occupy the 22nd and 23rd floors at the 543,494-square-foot One Gateway office building.

The financing was announced by JLL Capital Markets, which worked on the deal on behalf of Summit to place eight uncrossed, fixed-rate loans with terms of 10, 12 and 15 years with a correspondent life insurance company.

The report notes that city's average daily rate rose 5.8% year-over-year to $202.41 and revenue rose 4.3% year-over-year to $707 million.