Cushman & Wakefield Investment Sales and Leasing Brokerages Accorded Statewide Honors
9 Dec, 2010, East Rutherford
When all the numbers were counted, Cushman & Wakefield, Inc. investment sales and leasing teams had a very productive year in New Jersey, according to Real Estate Forum. The magazine's November issue lists the firm's Metropolitan Area Capital Markets Group (CMG) at the very top statewide for investment sales, and the firm's leasing brokerage team was cited for 7.4 million square feet of deals closed.
The editors of Real Estate Forum based the rankings on data collected from and verified by the firms surveyed. Investment brokerage firms were listed on the basis of total dollar volume of completed sales between July 1, 2009 and June 30, 2010.
"These rankings are clearly a recognition of the dedication and hard work on the part of our professionals," said Gil Medina, executive managing director of New Jersey Operations for Cushman & Wakefield, Inc. "Year after year, our teams continue to demonstrate their ability to complete difficult, complicated transactions through all economic cycles."
For investment sales, Cushman & Wakefield's CMG topped the list on the basis of $373,272,000 of sales closed during the one-year period. Vice chairmen Andrew Merin and David Bernhaut and executive vice president Gary Gabriel were cited as top-producing sales brokers for the firm. Among key sales cited by the magazine were the $145.5-million disposition of the 521,410-square-foot Waterfront Corporate Center I office tower in Hoboken, N.J., and the sale of a 53.4-acre, 826,000-square-foot, three-building industrial portfolio in the New Jersey Turnpike Exit 8A submarket.
"Investment sales came out of hibernation at the end of the first quarter of 2010," said Merin. "With a lot of money to invest, people are looking for safety, they're looking for credit, and they're looking for term."
Cited as top producers for Cushman & Wakefield's New Jersey leasing were Vice Chairman Robert Donnelly and Executive Directors Frank Caccavo and Joseph Sarno. Top transactions noted by Real Estate Forum were BASF's 325,000-square-foot headquarters lease with RGDC at the Green at Florham Park, N.J., and Samsung Electronics' 193,000-square-foot U.S. headquarters lease at 85 Challenger Rd., Ridgefield Park, N.J.
"The sentiment of a slow and steady upturn continues to resonate nationally, and is clearly reflected in New Jersey," said Donnelly. "Complete recovery will take time."