VERIZON NJ GETS $20M
TRANSIT HUB TAX CREDIT
Verizon New Jersey went under contract to
sell its 428,000-square-foot headquarters at
540 Broad St. in Newark to Accordia Realty
Ventures early this year, and in June the
company said that rather than move, it
would lease 140,000 square feet back from
Accordia for 10 years. Now, the telecom
company is the first to benefit from the state’s
Urban Transit Hub Tax Credit program.
In exchange for making $25 million in
capital improvements and keeping more
than 700 employees at the site, Verizon will
receive tax credits amounting to just more
than $2 million per year for 10 years. As
OVER A CENTURY OF DOMINANCE
Investment Real Estate Brokerage
part of the equation, new owner Accordia is
also making capital improvements that will
boost total expenditures past $75 million.
The project will also bring to market the
nearly 300,000 square feet that will not be
occupied by Verizon.
The legislature approved, and Gov. Jon
Corzine signed, the Urban Transit Hub program into law early this year. It provides tax
credits from 80% to 100% of qualified
investments made in projects within a half-mile of major transit stations in nine cities.
“It is particularly meaningful in this case,
and in this tight economic environment, because it will act as a stimulus to bring other
businesses into Newark,” says Caren
Franzini, CEO of the New Jersey EDA.
SOLD
58,000 sf office
Camp Hill, Pennsylvania
SOLD
206 residential units
Allentown, Pennsylvania
SOLD
30 residential units
West New York, New Jersey
SOLD
12 units + 7,000 sf office
Westfield, New Jersey
The Kislak Company, Inc.
www.kislakrealty.com
732 750 3000
TOP INTERNET RETAILER
LEASES 30,000 SF
Internet retailer Barnes & Noble.com has
signed a 12-year lease for just less than
30,000 square feet at 125 Chubb Ave., also
known as Skyline Corporate Center, in Lyndhurst. Further details were not released;
availabilities on-site are currently listed with
an asking price of $27 per square foot. The
identity of the tenant was not released by the
principals in the deal, but various sources
confirm that it is indeed the Barnes &
Noble.com division of Barnes & Noble Inc.
B&N will occupy half of the third floor
of the five-story, 278,500-square-foot
property, relocating from Secaucus, and
will move in by April, occupying space
once used by Ernst & Young. Owner SL
Green Realty was represented by Gregory Barkan, first VP of CB Richard Ellis.
The signing leaves 250,000 square feet in
the building on the market, and the asset
recently underwent a major overhaul.
“The capital improvement program included a brand-new lobby, common area
renovations incorporating green building
technology, new systems, a new amenity
base and new landscaping,” says John
Barnes, SVP and senior director for SL
Green. “We transformed an obsolete class
B building into a class A facility.”
“This transaction is the largest intra-market deal in the Meadowlands to date
this year,” Barkan says. “It demonstrates
the trend of flight-to-quality by today’s
corporate tenants.”—RENJ
