Real Estate
NAIOP New Jersey recently hosted its 38th Annual Commercial Real Estate Awards Gala. The sold-out event, held at The Palace at Somerset Park, honored the achievements of leading professionals and organizations, and celebrated the year’s most impactful transactions.
In his opening remarks, 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.”
2025 Commercial Real Estate Awards Honorees
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 considerable contributions in support of the industry’s goals.
J.G. Petrucci Company and PS&S received the Impact Award, which honors trendsetting firms and individuals that have significantly 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.
2025 Deal of the Year Awards
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. “Our winners are exemplary transactions that raise the bar for quality commercial real estate product in New Jersey.”
Office Deal of the Year: Unilever Headquarters Restructuring, Englewood
In one of 2024’s largest New Jersey office deals, Unilever downsized from its 325,000-SF headquarters in Englewood Cliffs to 111,000 SF at the Waterfront Corporate Center in Hoboken, improving the workplace experience for its employees. Involved in the deal: CBRE, SJP Properties, Savills, JLL, and UNLMTD Team.
Mixed-Use Deal of the Year: Vintage City, Elizabeth
This transformational mixed-use project will serve as a new town center. Located adjacent to the train station within an opportunity zone, Vintage City creates a progressive community. Involved in the deal: 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.
Industrial Deal of the Year: Kingsland Meadowlands, Russo Forsgate TJX, Lyndhurst
Russo Development and Forsgate Industrial Partners successfully acquired and transformed the long dormant Kingsland Meadowlands 718-acre parcel of property, with the first lease of 1.3 million SF to TJX Companies. Involved in the deal: Forsgate Industrial Partners, Russo Development, and JLL.
Emerging Markets Deal of the Year: MLB Network/Crow Holdings – 25 Market St., Elmwood Park
With the delivery of 25 Market Street in 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: Crow Holdings Development, Atlas Holdings, JLL, CBRE, and MLB Network.
Transformation Deal of the Year: Hoboken Connect, 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: NJ Transit, City of Hoboken, and LCOR.
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