NAIOP New Jersey Celebrates Commercial Real Estate Industry at Annual Gala. More than 800 Attendees Honor Individuals, Firms and Deals of the Year.
SOMERSET, N.J., May 17, 2016 – More than 800 members of the New Jersey commercial real estate community turned out to celebrate the industry at NAIOP New Jersey’s 29th Annual Awards Gala in May. The black tie event at the Palace at Somerset Park recognized the achievements of leading professionals and organizations, and the Garden State’s most impactful transactions of 2015.
“Tonight we celebrate pillars of our industry, each of which has made outstanding contributions to commercial and industrial real estate, and our association,” said NAIOP New Jersey President Clark Machemer, of The Rockefeller Group. “These individuals and firms have set high standards for all of us in creating innovative companies, revitalized communities, and state-of-the-art workplaces that will enable the Garden State to remain competitive and attractive to its citizens and businesses.”
NAIOP New Jersey presented Donald Witmondt, chairman of Woodmont Properties, with its Lifetime Achievement Award. The organization’s highest honor, this award recognizes an individual who has a distinguished and long-standing record of exemplary service to the industry and community, and significant personal accomplishments.
Impact Awards recognize firms and individuals for their impact on the industrial and office development community. Recipients are acknowledged industry trendsetters. This year, Robert J. Rudin of Cushman & Wakefield, and Brandywine Realty Trust were honored for their industry and community service, professionalism and integrity.
Additionally, Rotwein+Blake received the NAIOP New Jersey Industry Service Award for its substantial contributions in support of the commercial and industrial real estate industry’s goals.
Deal of the Year Awards
A seven-member panel of judges selected the Deal of the Year winners based on impact on the community and marketplace, degree of complexity and uniqueness, innovative strategies, and creative problem solving. Recipients included:
Industrial – The redevelopment of the Elizabeth Logistics Center – comprised of 17.5 acres acquired through land acquisition, the formation of a joint-venture, and the vacating of a city street – is the culmination of a complex project that will generate immediate and positive economic impact at a location that had been vacant for almost a decade. Involved in the deal were Elberon Development Group, The Avidan Group, RC Andersen, RKB Architects, Langan Engineering and Environmental Services, HFF, JLL, Greenbaum Rowe Smith & Davis LLP, McManimon Scotland & Baumann, Seafrigo, Pilot Freight Services, First Bank, The Provident Bank, NAI Hanson, and Hehl & Hehl.
Office – Fox Rothschild represented Subaru in relocating its North American headquarters to Camden, purchasing land next to Campbell’s Soup Corp., breaking ground on a $78 million, 250,000-square-foot office building and leasing an adjacent newly constructed 83,000-square-foot training center, bringing 700 jobs to Camden and securing $118 million in tax incentives. Involved in the deal were Fox Rothschild LLP, Subaru of America Inc., Brandywine Realty Trust, and CBRE Group, Inc.
Mixed Use – Memorial Sloan Kettering purchased a 145,000-square-foot office building in Montvale, to build a $100 million+ regional outpatient facility by mid-2017. The building was fully leased, and the deal required the simultaneous negotiation of a lease termination with the existing tenant and purchase contract with Chamber Street Capital. Involved in the deal were Newmark Grubb Knight Frank and Chamber Street Properties.
Special Judges Award – By acquiring and repurposing the former Sanofi campus in Bridgewater into the New Jersey Center of Excellence, Advance Realty filled a massive void left in the state and region. The master-planned redevelopment was designed to recover lost jobs and revenue. Nestlé Health Science Center’s 180,000 square-foot lease at the massive campus validates Advance’s vision. Involved in the deal were Advance Realty, Cross Harbor Capital Partners, JLL and Newmark Grubb Knight Frank