The Garden State’s commercial real estate community recently honored the achievements of leading professionals and organizations, and recognized the year’s most impactful transactions at NAIOP New Jersey’s 38th Annual Commercial Real Estate Awards Gala held at The Palace at Somerset Park.
NAIOP NJ President Matt Schlindwein, of Greek Real Estate Partners, said, “Our honorees represent the best of real estate and economic development. We are inspired by their commitment to excellence in transforming New Jersey communities. All of them will have a lasting and positive impact on our state, our industry and our association.”
NAIOP NJ’s Charles Klatskin Lifetime Achievement Award was presented to Jeffrey Milanaik, Partner, Northeast Region, Bridge Industrial LLC, in recognition of his distinguished and longstanding record of exemplary service to the industry and the community. Cole Schotz received the Industry Service Award in recognition of the firm’s contributions in support of the industry’s goals.
J.G. Petrucci Company and PS&S received the Impact Award, which honors trendsetting companies and individuals that have impacted New Jersey’s commercial and industrial real estate development industry. Honorable Assembly Speaker Craig J. Coughlin, the longest serving speaker in New Jersey history, accepted the Caren S. Franzini Public Partner Award, which recognizes champions of economic development that inspires and transforms communities.
The evening included the unveiling of NAIOP New Jersey’s Deal of the Year awards. Winners were chosen by a panel of judges based on impact on the community and marketplace, degree of complexity and/or uniqueness, innovative strategies and creative problem solving.
“This year’s group of deal finalists – including those in our new ‘Emerging Markets’ category – all clearly illustrate the talent and creativity driving the industry forward,” said NAIOP NJ CEO Dan Kennedy.
Office deal of the year was Unilever Headquarters Restructuring. In one of 2024’s largest New Jersey office deals, Unilever downsized from its 325,000-square-foot headquarters in Englewood Cliffs to 111,00 square feet at the Waterfront Corporate Center in Hoboken, improving the workplace experience for its employees. Involved in the deal were CBRE, SJP Properties, Savills, JLL, and UNLMTD Team.
The mixed-use deal of the year was Vintage City in Elizabeth. This transformational mixed-use project will serve as a new town center. It is adjacent to the train station within an opportunity zone. Involved in the deal were MAS Development Group LLC, LeCesse Development, JLL, Baker Barrios Architects, Neglia Engineering, March Associates, Argentic, Pearlmark, Lakeland Bank, Northfield Bank, Citizens Bank, City of Elizabeth, Prestige Environmental, and Javerbaum, Wurgaft, Hicks, Kahn, Wikstrom & Sinins, PC.
The industrial deal of the year is Kingsland Meadowlands, Russo Forsgate TJX in Lyndhurst. Russo Development and Forsgate Industrial Partners acquired and transformed the long-dormant Kingsland Meadowlands 718-acre parcel of property, with the first lease of 1.3 million square feet to TJX Companies. Involved in the deal wereForsgate Industrial Partners, Russo Development, and JLL.
The emerging markets deal of the year was MLB Network/Crow Holdings – 25 Market St. at Elmwood Park. Crow Holdings Development brought a trophy industrial asset to the iconic site of a Marcal Paper warehouse destroyed by fire in 2019. The firm’s distinctive design approach set the stage for a full-building headquarters lease with MLB Network. Involved in the deal were Crow Holdings Development, Atlas Holdings, JLL, CBRE, and MLB Network.
The transformation deal of the year was Hoboken Connect in Hoboken. A transformational redevelopment project located at Hoboken Terminal, Hoboken Connect includes a mix of private development (386 rental units currently under construction and an office development site), improvements to the City’s right of way, and historic preservation/redevelopment of NJ Transit’s Ferry Terminal Building, Warrington Plaza and Bus Terminal. Involved in the deal were NJ Transit, City of Hoboken, and LCOR.