{"id":1004515552,"date":"2021-03-11T04:18:42","date_gmt":"2021-03-11T12:18:42","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004515552"},"modified":"2021-05-15T10:13:44","modified_gmt":"2021-05-15T18:13:44","slug":"transwestern-to-close-new-jersey-office","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/","title":{"rendered":"Transwestern to Close New Jersey Office"},"content":{"rendered":"
\"\"<\/a>

180 Park Ave.<\/p><\/div>\n

Transwestern is leaving New Jersey, a company representative confirmed for Commercial Property Executive<\/em>, effective early April. The firm\u2019s decision to close its offices at 180 Park Ave. in Florham Park, N.J., follows nearly a decade of activity in the market.<\/p>\n

However, Transwestern Development Co. will continue to operate within the state. Part of the Transwestern companies, the branch develops logistics, multifamily, office, mixed-use, health-care and life sciences properties since 2012. One of its latest investments in the Northeast is a 64-acre site<\/a> in Jessup, Pa., where it plans to develop a 750,000-square-foot speculative industrial project.<\/p>\n

According to a recent Transwestern report analyzing the New Jersey market, 2020 ended with a dramatic decline in office leasing activity and the highest vacancy rate since 2014, with some 4 million square feet returning to the market during last year. Subleasing activity, which has been increasing in popularity since 2018, escalated to its highest levels in more than a decade in the fourth quarter of 2020.<\/p>\n

Transwestern\u2019s history in New Jersey<\/h2>\n
\"\"<\/a>

300 Kimball Drive<\/p><\/div>\n

The company opened its first New Jersey premises in 2011 at 300 Kimball Drive in Parsippany, N.J., where it occupied 6,000 square feet. In October 2018, the firm chalked up a 7,211-square-foot lease<\/a> with Lone Star Funds and relocated to the first floor of a 221,706-square-foot building at 180 Park Ave. Since then, the LEED Gold certified property changed ownership, with a joint venture of Vision Properties and The Birch Group purchasing the asset in November 2020, in a $35.6 million transaction<\/a>.<\/p>\n

The Class A property at 180 Park Ave. is also home to Maersk Inc.\u2019s 70,000-square-foot headquarters. Transwestern is listed as the leasing agent for the property, as well as for the neighboring 170 Park Ave., where it arranged a full-building lease<\/a> in 2019 for clinical-stage cell therapeutics company Celularity. Last month, JLL Income Property Trust paid nearly $47 million<\/a> for the purpose-built life science facility.<\/p>\n

New Jersey is one of the top-ranking markets for the life sciences industry, with the state holding one of the largest concentration of scientists and engineers per square mile in the world. During last year\u2019s shaky grounds for the office sector, medical and life sciences tenants bolstered leasing activity, especially within the Princeton submarket. In a recent interview with CPE<\/em><\/a>, James Postell, city leader & partner at Transwestern, discussed shifting dynamics within the New Jersey office market and shared his predictions for the permanent changes the global health crisis has brought upon the industry. <\/p>\n","protected":false},"excerpt":{"rendered":"

The company will vacate its premises at Florham Park, N.J., in April, following a decade of activity in the market.<\/p>\n","protected":false},"author":739,"featured_media":1004529031,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,1600,21742,10,21747],"tags":[33313,42641],"class_list":["post-1004515552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-new-york","category-latest","category-northeast","category-office","tag-transwestern","tag-transwestern-development-co"],"acf":[],"yoast_head":"\nTranswestern to Close New Jersey Office - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Transwestern to Close New Jersey Office\" \/>\n<meta property=\"og:description\" content=\"The company will vacate its premises at Florham Park, N.J., in April, following a decade of activity in the market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-11T12:18:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:13:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/180-Park-Ave..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Beata Lorincz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/\",\"name\":\"Transwestern to Close New Jersey Office - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/180-Park-Ave..jpg\",\"datePublished\":\"2021-03-11T12:18:42+00:00\",\"dateModified\":\"2021-05-15T18:13:44+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/180-Park-Ave..jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/180-Park-Ave..jpg\",\"width\":1000,\"height\":800},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Transwestern to Close New Jersey Office\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004\",\"name\":\"Beata Lorincz\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96\",\"caption\":\"Beata Lorincz\"},\"description\":\"With a background in architecture, Beata Lorincz has been an associate editor with Commercial Property Executive and Multi-Housing News since 2017. Her current work centers around architecture and design, the student housing sector and data-driven updates on the office market.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/beata-lorincz\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Transwestern to Close New Jersey Office - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/","og_locale":"en_US","og_type":"article","og_title":"Transwestern to Close New Jersey Office","og_description":"The company will vacate its premises at Florham Park, N.J., in April, following a decade of activity in the market.","og_url":"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2021-03-11T12:18:42+00:00","article_modified_time":"2021-05-15T18:13:44+00:00","og_image":[{"width":1000,"height":800,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/180-Park-Ave..jpg","type":"image\/jpeg"}],"author":"Beata Lorincz","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/","url":"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/","name":"Transwestern to Close New Jersey Office - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/180-Park-Ave..jpg","datePublished":"2021-03-11T12:18:42+00:00","dateModified":"2021-05-15T18:13:44+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/180-Park-Ave..jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/180-Park-Ave..jpg","width":1000,"height":800},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/transwestern-to-close-new-jersey-office\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Transwestern to Close New Jersey Office"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/23f841021ddf3b38ebc56abefe1d6004","name":"Beata Lorincz","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Beata-Lorincz.jpg?w=96","caption":"Beata Lorincz"},"description":"With a background in architecture, Beata Lorincz has been an associate editor with Commercial Property Executive and Multi-Housing News since 2017. Her current work centers around architecture and design, the student housing sector and data-driven updates on the office market.","url":"https:\/\/www.commercialsearch.com\/news\/author\/beata-lorincz\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/180-Park-Ave..jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004515552","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/739"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004515552"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004515552\/revisions"}],"predecessor-version":[{"id":1004534350,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004515552\/revisions\/1004534350"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004529031"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004515552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004515552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004515552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}