Company breaks ground on master-planned 2.2-million-square-foot logistics hub, located on one of the largest remaining developable sites in the state
Rockefeller Group today announced that it has broken ground at its 228-acre site in Piscataway, New Jersey, where the leading global real estate owner, developer and investor is developing the 2.2-million-square-foot, state-of-the-art Rockefeller Group Logistics Center.
Rockefeller Group’s plans are propelled by the vigorous demand in New Jersey for modern, advanced-functionality distribution space with direct access to the region’s major transportation routes and robust labor pool. The Cushman & Wakefield team of Jules Nissim, Stan Danzig and Marc Petrella serves as the exclusive marketing and leasing agent for the development, which will comprise six buildings – available for requirements beginning in early 2018 – and represents a combination of speculative and build-to-suit opportunities.
“While the Turnpike corridor has historically been the focus of industrial development in New Jersey, we believe that our master plan for this site – now coming to life, with construction underway – will shift that focus,” said Clark Machemer, senior vice president and regional development officer for Rockefeller Group's New Jersey/Pennsylvania operations. “The I-287 submarket is the obvious next frontier for development in the northern part of the state, and opportunities like this – in terms of both location and building functionality that can accommodate future growth – are few and far between right now.”
Rockefeller Group Logistics Center features properties ranging in size from 200,000 to more than 800,000 square feet, accommodating users with a wide variety of size and infrastructure requirements. Flexible transaction options will allow for users to lease or own space. Additional notable features and amenities include excess trailer parking for each individual building, on-site rail service, two means of ingress and egress to the site, and an in-place 30-year PILOT agreement.
“There is a convergence of forces at play here that make this site especially desirable. Not only is it one of the last remaining developable parcels of its size in New Jersey, but it’s being developed at a time when building functionality is changing the face of industrial development in the state,” said Mr. Nissim. “Users today are demanding building features, such as 40-foot clear heights and ample trailer parking, that support the continued growth that they’re experiencing, largely driven by e-commerce. Rockefeller Group is accommodating all of those requirements.”
Rockefeller Group Logistics Center is especially ideal for users involved in e-commerce, third-party logistics, food and beverage, retail or other consumer products. Inquiries related to leasing or acquiring space within the Rockefeller Group Logistics Center can be directed to Mr. Nissim at jules.nissim@cushwake.com.
About Rockefeller Group
Rockefeller Group is a leading real estate developer, owner and investor, known since the development of Rockefeller Center for pioneering large-scale urban mixed-use development. For nearly nine decades the company has been trusted for its financial strength, stability and vision, and today remains committed to the selective acquisition, management and development of innovative, high-quality office, industrial, residential and mixed-use properties in urban centers and strategic distribution markets. The company combines the global perspective and market access of a sophisticated development and investment management platform, through its partnership with Tokyo-based Mitsubishi Estate Co. Ltd., and its strategic investments in independent property fund platforms in the United States and Europe. Visit RockefellerGroup.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenues of $5 billion across core services of agency leasing, asset services, capital markets, facility services (branded C&W Services), global occupier services, investment & asset management (branded DTZ Investors), project & development services, tenant representation and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
