CBRE experienced yet another record-breaking summer, completing some of the largest transactions in investment sales, as well as office, industrial and retail leasing in the market, which amounted to an impressive 12.8 million sq. ft.
Between June 1 and August 30, CBRE executed 231 lease transactions totaling 10.4 million sq. ft. and 31 sales transactions totaling 2.4 million sq. ft. across all asset types. By comparison, last summer CBRE completed 158 lease transactions totaling 3.11 million sq. ft. and 34 sales transactions totaling 1.32 million sq. ft.
The most prominent office deal completed by CBRE this summer was the 315,086 sq. ft. lease for Everest Reinsurance Company at 100/200 Warren Corporate Center Drive in Warren, New Jersey. CBRE’s Eric Deutsch and Jeffrey Babikian represented Everest Reinsurance in the negotiations with building ownership, a joint venture between Vision Real Estate Partners and Rubenstein Partners.
Another noteworthy office transaction included a 115,659 sq. ft. commitment by IQVIA at 77 Corporate Drive in Bridgewater, New Jersey, in which CBRE represented the landlord.
On the industrial front, CBRE’s David Gheriani and William Waxman arranged a 278,936 sq. ft. lease with Garden State Cold Storage at 580 Port Carteret Drive in Carteret, New Jersey. CBRE represented Garden State in the transaction.
In addition to the office and industrial leases, CBRE also arranged a number of notable retail transactions. The top two leases included a 26,954 sq. ft. commitment by CAVU Trampoline & Tumbling at 225 Route 46 West in Mountain Lakes, New Jersey, and a 14,754 sq. ft. lease by Jennifer Furniture at Greenleaf at Union Shopping Center, located at 1235 West Chestnut Street in Union, New Jersey.
“This past summer proved to be one of the busiest periods of the year so far, with tremendous activity in both leasing and investment sales,” said Jeff Hipschman, Senior Managing Director, CBRE. “Our industry-leading team of professionals completed some of the most significant transactions in the market and we are very proud of the outstanding outcomes we were able to deliver for our clients.”
A driving force in investment sales throughout the region, CBRE was also instrumental in a number of significant transactions, including the 1.3 million sq. ft. sale of an industrial portfolio in Northern New Jersey. Hampshire Real Estate Companies sold the 30 industrial building portfolio to Colony Industrial. CBRE represented the seller in the negotiations.
Between June 1 and August 30, CBRE executed 231 lease transactions totaling 10.4 million sq. ft. and 31 sales transactions totaling 2.4 million sq. ft. across all asset types. By comparison, last summer CBRE completed 158 lease transactions totaling 3.11 million sq. ft. and 34 sales transactions totaling 1.32 million sq. ft.
The most prominent office deal completed by CBRE this summer was the 315,086 sq. ft. lease for Everest Reinsurance Company at 100/200 Warren Corporate Center Drive in Warren, New Jersey. CBRE’s Eric Deutsch and Jeffrey Babikian represented Everest Reinsurance in the negotiations with building ownership, a joint venture between Vision Real Estate Partners and Rubenstein Partners.
Another noteworthy office transaction included a 115,659 sq. ft. commitment by IQVIA at 77 Corporate Drive in Bridgewater, New Jersey, in which CBRE represented the landlord.
On the industrial front, CBRE’s David Gheriani and William Waxman arranged a 278,936 sq. ft. lease with Garden State Cold Storage at 580 Port Carteret Drive in Carteret, New Jersey. CBRE represented Garden State in the transaction.
In addition to the office and industrial leases, CBRE also arranged a number of notable retail transactions. The top two leases included a 26,954 sq. ft. commitment by CAVU Trampoline & Tumbling at 225 Route 46 West in Mountain Lakes, New Jersey, and a 14,754 sq. ft. lease by Jennifer Furniture at Greenleaf at Union Shopping Center, located at 1235 West Chestnut Street in Union, New Jersey.
“This past summer proved to be one of the busiest periods of the year so far, with tremendous activity in both leasing and investment sales,” said Jeff Hipschman, Senior Managing Director, CBRE. “Our industry-leading team of professionals completed some of the most significant transactions in the market and we are very proud of the outstanding outcomes we were able to deliver for our clients.”
A driving force in investment sales throughout the region, CBRE was also instrumental in a number of significant transactions, including the 1.3 million sq. ft. sale of an industrial portfolio in Northern New Jersey. Hampshire Real Estate Companies sold the 30 industrial building portfolio to Colony Industrial. CBRE represented the seller in the negotiations.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
