Cushman & Wakefield opens Central NJ office.

Cushman & Wakefield of New Jersey, Inc. has opened a central New Jersey office in Metropark, 100 Wood Ave. South, Iselin, announced Donald P. Eisen, the firm's executive managing director. The move reflects Cushman & Wakefield's growth in New Jersey and its long-term stability as one of the largest fully-integrated international real estate services firms serving the needs of business in the state.

"The central New Jersey marketplace has become one of the state's fastest growing, strategic business locations, and the Metropark office will enable us to better serve our existing and new clients in that region," Eisen noted. "We have established ourselves as a stable, dominant force in the state over the years, and our expansion into central New Jersey further exemplifies our dedication to providing the highest level of service to the industry."

Currently, Cushman & Wakefield employs 50 brokerage professionals in New Jersey. It opened its first office in the state, in East Rutherford, in 1970 and a second in Parsippany in 1984.

Four long-time Cushman & Wakefield brokers opened the new office, providing both commercial and industrial expertise. With 85 years of combined industry experience and nearly 60 years of service to the Cushman & Wakefield organization, they include Jerry Richter, Joseph Sarno, Frank Caccavo, all senior directors; and Jon Marks, director. In addition, David Westenburg and Eric Weiss have joined the staff.

"We are making a major commitment in central New Jersey, including the investment of top-level professionals and administrative staff," Richter noted. "Ultimately, the office provides us with a new level of day-to-day intimacy with the market which enhances our ability to service landlords and tenants. The entire office functions on a team basis, and we are all looking forward to the camaraderie and an excellent working environment at this new location."

The central New Jersey market includes more than 357 million SF of industrial inventory and 57 million square feet of office space in Mercer, Middlesex, Monmouth, Somerset and Union counties according to Cushman & Wakefield's Research Services Group.

During 1999, the region generated 53 percent of the state's industrial leasing and sales activity. Exit 8A and Edison in Middlesex County represented the strongest submarkets, accounting for 32 percent of the state's leasing. This includes 43 transactions totaling more than 3.8 million square feet at Exit 8A, and 61 leases totaling 4.5 million square feet in Edison.

"Middlesex County's prime location, excellent highway access and availability of flat, undeveloped land make it the clear choice for industrial warehousers," Caccavo noted. "In addition, Somerset and Monmouth are two of the fastest-growing counties in the state. Our new office will give us better proximity to this growth and the demands associated with it."

Central New Jersey's office market also showed its strength during 1999, including nearly 5 million square feet of leasing activity. Its Woodbridge/Edison submarket registered 1.1 million square feet of leasing activity, the third highest level in the state. During 2000, more than 1 million square feet of new construction will come to the market, and average asking rental rates are expected to jump significantly.

"This new product will be absorbed quickly, since demand for new, modern facilities with larger floor plates continues to be high," Marks said.