Woodcliff Lake, N.J. – Congratulations to our client Cushman & Wakefield on being named the 2022 Office Deal of the Year Award recipient at this year’s NAIOP New Jersey 35th Annual Gala, one of commercial real estate’s most coveted recognition events. The firm, along with its collaborative partners, was recognized for orchestrating the office lease for 208,911SF of Class A space in Woodcliff Lake, N.J., on behalf of Party City Holdings.
CMM Strategic Communications of Pompton Lakes, N.J., composed the official nomination on behalf of Cushman & Wakefield. The firm’s strategic partners included Gensler, Savills Studley, Signature Acquisitions and CBRE.
Located at 100 Tice Blvd. in one of New Jersey’s northern-most and highly sought-after corporate enclaves, the single three-story building was formerly occupied by the international pharmaceutical company Eisai, Inc., which vacated the property at year-end 2021. Party City backfilled the asset by finalizing a full-building, 16-year lease in October of 2021.
The property will serve as the company’s headquarters and house a projected 695 total employees being consolidated from two offices in Rockaway, NJ and Elmsford, NY, the latter of which is the site of the company’s current headquarters.
In addition, as the first-ever NJEDA Emerge Program recipient, Party City Holdings Inc. secured a seven-year, $9.996M tax credit for its new headquarters. The lease earned the flagship award under New Jersey’s Emerge Program, an infancy-stage jobs-based tax-incentive program.
As the successor to the Grow New Jersey Program, Emerge was created as part of the state’s Economic Recovery Act to offer employment-based tax credits. The program, a catalyst for the state’s post-COVID economic recovery, fills a void left by the Grow New Jersey Program for office users and companies that are integral to driving activity in the commercial real estate market.
The Party City Headquarters Lease Team was spearheaded by Cushman & Wakefield and included:
- Benjamin Brenner, Executive Managing Director / Cushman & Wakefield (Tenant Rep)
- Jane Orlin, Senior Managing Director / Business Incentives Practice / Cushman & Wakefield
- Harlan Hollander, Senior Vice President / Savills Studley (Tenant Rep)
- Dana Nalbantian, Associate AIA, Studio Director, Principal / Gensler (Architect)
- Abraham Brach / Signature Acquisitions (Landlord)
- Joseph Sarno, Executive VP; Jonathan Meisel, Sr. VP; & Jeffrey Babikian, Vice Chairman / CBRE (Owner’s Rep)
CMM Strategic Communications’ content creation and account management specialists also handled Cushman & Wakefield’s Office Deal of the Year nomination for the CSG 105 Eisenhower Headquarters Lease. A long-time economic engine for Essex County and New Jersey’s third-largest law firm, CSG pursued a new headquarters location in 2021 to mark its 50th anniversary and is underwriting approximately $25M in interior and exterior renovations to render the North Building at 105 Eisenhower Parkway a state-of-the-art Class A office center of tomorrow. The CSG 105 Eisenhower Headquarters Lease was the only finalist in the office category to compete against the winning Party City Headquarters Office Lease.