CHATHAM, NJ — The most important factor in a real estate deal is commonly known to be location. But what constitutes the perfect location varies widely from company to company, as seen in three recent deals brokered by Jackie Madden of the Garibaldi Group.
For Denham Capital Management, the perfect location would give them an optimized work, live, play balance for their employees. This focus will also help with recruitment going forward, as many potential hires are looking for the amenities offered by a city office, without having to head to NYC. They were able to find just that in Jersey City, with its plethora of restaurants, shops, and public transit. Employees get the benefits and amenities of working in a vibrant city, without having to cross the Hudson River.
“In a hot market like Jersey City, the right building can make all the difference,” Madden said.
Denham was able to secure 3,574 square feet of prebuilt space in the Harborside Plaza 10 building, which is known for having a hands-on landlord who takes care of both property and tenants.
“Denham Capital took a pre-built unit in a building that had significant capital investment by the landlord” said Madden. “Especially in a market like Jersey City, a dependable, reputable landlord makes all the difference. That’s why on the waterfront you’re seeing owners partner on projects to offset the immense cost, which is an acknowledgement of the fact that in that market in particular, making important building improvements pay off.”
Madden worked with the global energy, resources, and sustainable infrastructure investment firm for a few months before finding the perfect fit at Harborside Plaza 10. The property owner, Black Creek Group, and their brokers, Robert Rudin, Dirk Hrobsky, David DeMatteis, and Mina Shehata, worked to make this plug-and-play space the perfect future home for the company.
For Integra Realty Resources, a CRE tech firm providing comprehensive commercial real estate market research, valuation, and advisory services, the perfect location meant something different. They began their search because they needed a larger space for their growing workforce and wanted to be able to offer employees high-end amenities only available on a larger campus. Madden helped them find the perfect home at 25 Vreeland Road in Florham Park.
While Florham Park may not have the downtown of spots like Jersey City or Morristown, it is home to several high-end office parks that provide every amenity employees are looking for. Its central location and easy access to major highways and airports makes it an easy commute, as well.
“Many of these properties in Florham Park offer much larger floor plans, and an array of options for tenants. That is especially appealing to companies who may plan to further expand in the future,” said Madden. “These campuses also provide ample parking and plenty of green space, which is hard to find in a downtown area and can play a big role in improving quality of life for employees. We were able to find just the right space for Integra, close to everything but with enough space for expansion.” Integra is leasing roughly 3,300 square feet from Bergman Real Estate Group, and looks forward to introducing its employees to all the amenities the site has to offer.
“After two years of COVID protocols and isolation,” Madden explained, “I know Integra was excited to utilize the beautiful outdoor courtyard and conference center for connecting and collaborating with team members.”
Somewhere in between the downtown vibe of Jersey City and the bucolic space of Florham Park is Summit. It has a great downtown full of shops and restaurants, and easy access to both trains and highways. Available locations tend to be smaller, though, and they run the gamut from newly rebuilt spaces to those that need a little imagination.
“You are seeing a lot of satellite offices and well-capitalized startups taking up space in Summit,” says Madden.
When Spark Carwash was looking for a larger space, their Summit location was non-negotiable. They had been working out of a coworking space in town, but had grown by 60% and knew it was time to find a more permanent home in the city they loved.
Spark was an example of what you often see in submarkets like Summit: they were committed to their location above all. The convenience is the intangible when doing deals in areas like Summit, Chatham, or Milburn. For some people it’s the train, for others it’s the restaurants and meeting places, and for many it’s the ability to be close to home.
When Madden showed the Spark team a prebuilt space at 89 Summit Avenue (the very first space they saw), they knew they had found the perfect fit. “It’s a beautiful plug-and-play space,” said Madden, “and it fit everything they were looking for, right in the heart of Summit.”
While location may be the most important factor in a commercial real estate search, it’s important to keep in mind that the “perfect location” depends on a number of factors, and is different for every client.
The Garibaldi Group is a full service commercial real estate company providing public and private clients strategies and solutions necessary for the optimal performance for their real estate investments. The firm, which was established in 1919, focuses on individual client attention and quality service and provides comprehensive regional market knowledge and transactional experience.