April 5, 2023 9:00 AM
Newmark announces it secured a new 46,000-square-foot industrial lease for Creative Technology, Inc. (“CT”) at 60 Metro Way in Secaucus, New Jersey. The tenant signed a long-term lease to occupy the space, marking their first New Jersey outpost in the Hartz Mountain Industries-owned asset. Newmark Vice Chairman David Simson and Managing Director Dan Reider represented the tenant in the lease transaction.
Ownership Hartz Mountain Industries is a regional real estate enterprise focused on industrial and multifamily assets. NEP Group-subsidiary Creative Technology is one of the world’s largest leading technology services providers to the global events industry. Since joining NEP Group three years ago, CT’s business has grown exponentially. To accommodate this growth, CT secured the Secaucus outpost, which includes 38,000 square feet of warehouse space with an 8,000-square-foot office component, seven loading docks and one drive-in.
“With the closing of this transaction, we congratulate Creative Technology on their expansion into the New Jersey industrial market,” said Simson. “Integral to our approach was knowing the client’s need for a larger space to accommodate their rapidly growing business operations. Ultimately, 60 Metro Way presented a favorable solution, solidified by the property’s highly accessible location.”
According to Newmark Research, Northern New Jersey industrial leasing witnessed continued strength through the fourth quarter of 2022. Net absorption for the quarter was 2,956,154 square feet, bringing the year-to-date total to 12,241,767 square feet. Despite the slight increase in vacancy, the submarket closed the year with a 2.8% vacancy rate, still 30 basis points below the fourth quarter of 2021.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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