The restructuring of the Unilever Headquarters in Englewood was not only one of 2024’s largest New Jersey office deals – it was one of most impactful office deals in recent memory.
Unilever downsized from its 325,000 square feet headquarters in Englewood Cliffs to 111,000 square feet at the Waterfront Corporate Center in Hoboken, improving the workplace experience for its employees. That alone was a significant event.
But it was only one domino.
Simultaneously, Samsung, a longtime tenant in the market, subleased Unilever’s entire Englewood Cliffs location to improve the workplace experience and access for its employees, and to obtain market concessions that were not available from their existing landlord.
CBRE, SJP Properties, Savills, JLL & UNLMTD Team were all involved in the deal, which is our pick for the highlight Deal of the Year last night at the annual NAIOP New Jersey Gala at the Palace in Somerset.
Other Deals of the Year:
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 that had a history of failure largely due to unexperienced and underfunded developers. Russo and Forsgate’s success has been realized in its first lease of 1.3M Sq. Ft. to TJX Companies.
Included in the deal: Forsgate Industrial Partners & Russo Development.
Mixed-use deal of the Year
Vintage City (Elizabeth): Vintage City is a transformational mixed-use project that will serve as a new town center. The partnership between MAS and LeCesse Development, was assisted by JLL Capital Markets, which secured construction financing and equity to capitalize construction of a progressive community located adjacent to the train station, within an opportunity zone.
Involved in the deal: MAS Development Group LLC, Leccesse Development, JLL, Baker Barrios Architects, Neglia Engineering, March Associates, Argentic, Pearlmark, Lakeland Bank, Northfield Bank, Citizens Bank, City of Elizabeth and Prestige Environmental and Javerbaum, Wurgaft, Hicks, Kahn, Wikstrom & Sinins, PC.
Emerging Markets Deal of the Year
MLB Network/Crow Holdings (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 & MLB Network.
Transformative Deal of the Year
Hoboken Connect (Hoboken): The transformational redevelopment project located at Hoboken Terminal 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 & LCOR
The gala, the biggest awards night of the year, for the CRE industry, featured a number of NAIOP awards.
Jeff Milanaik: The Northeast region partner with Bridge Industrial was given the top individual honor, receiving the Charles Klatskin Lifetime Achievement Award, which pays tribute to an individual who has had a distinguished record of service to the industry and the community.
Milanaik, who opened the Northeast region office in Parsippany in September 2014, has been a force ever since. He has acquired and developed more than 21 million square feet of industrial buildings and projects valued at more than $4 billion in the NY/NJ/PA markets. Currently Bridge has a pipeline of over 8.0 million square feet of industrial/warehouse projects in the Northeast being developed over the next 18 – 24 months.
Other key awards went to:
Assembly Speaker Craig Coughlin: He was presented with the Caren S. Franzini Public Partner Award, which honors champions of economic development that inspire and transform communities.
J.G. Petrucci Company and PS&S: Both organizations were honored with the Impact Award.
Cole Schotz P.C.: The law firm was honored with the Industry Service Award in recognition of the firm’s considerable contributions in support of the industry’s goals.
