They are also rolling out features such as modern fitness centers, bike-share programs, walking paths and spacious lobbies as spaces to socialize. “It’s all about landlords trying to catch the attention of tenants, and tenants wanting to catch the attention of millennial recruitment,” said Daniel Loughlin, broker lead of real-estate services company JLL’s NJ office. The suburban office market has lagged behind the New York City office market in this expansion, as choices shifted to urban configurations with restaurants, shops, mass and nightlife transportation, executives and brokers said.
But the suburbs continue to have a more substantial share of the region’s careers than the city, mentioned Kenneth McCarthy, principal economist for real-estate services firm Cushman & Wakefield. Of December As, 54.6% of the jobs in the New York metropolitan area were in the suburbs, regarding his evaluation. As companies consolidate offices and look to take less space, traders and landlords are gambling that overhauled, amenity-laden suburban office properties will appeal to large tenants in the suburbs already. 178 million in loans, the majority of which matured in August. Mr. Johnston programs to add amenities to the people already available, such as a day-care middle, fitness center, basketball court, ball fields, and a helipad.
He said he desires the current tenant, software company CA Inc., remains as a tenant after its lease expires in 2021. CA said it hasn’t made any decisions about its offices. In NJ, Rubenstein Partners LP and partner Onyx Equities LLC in 2013 bought and then modernized a 1970s-period, 306,000-square-foot workplace in Basking Ridge, N.J.
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11 million to replace the metal panel exterior with a glass curtain wall, refurbish the auditorium, lounge lobby and areas, and redo the cafeteria for a gourmet-type food service, said Stephen Card, a Rubenstein primary. Last year, pharmaceutical company Daiichi Sankyo Inc. agreed upon a rent to consolidate two-NJ offices at the building, Mr. Card said. Daiichi said it consolidated to understand efficiencies and improve collaboration. Rubenstein is using the same strategy at an office park in Whippany, N.J., that once housed data centers for financial firms.
7.5 million last year at an auction. “The only buildings that are leasing are buildings that landlords are buying,” Mr. Greiner said. Simply being near a hip metropolitan environment isn’t enough, said Michael J. DeMarco, chief executive of owning a home-trust Mack-Cali Realty Corp. The Mack-Cali Business Center in Parsippany, N.J., has two hotels and a restaurant and is near downtown Morristown.
Wegmans GROCERY STORES Inc., a supermarket string known for niche services, this season is set to open up a spot on the edge of the office park. Mack-Cali, which owns about 1.9 million rectangular feet of space in the recreation area, is likely to bring in a 70,000-square-foot fitness golf club, another hotel, and four or five restaurants nearby. “Food is becoming an incredibly big thing for millennials,” Mr. DeMarco said. “When you were youthful, you’d go out and get a sandwich.
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