Real Estate Weekly
Image default
Deals & Dealmakers

Transit firm moves to Jersey; bags incentives, lowers rent

By Konrad Putzier

Infrastructure firm HNTB has leased 11,000 s/f of office space in Newark’s Two Gateway Center, moving some of its operations from 5 Penn Plaza in Manhattan.

2 Gate Center
2 Gate Center via

The deal, which includes an option for a further 13,000 s/f, is sweetened by a three-year, $997,500 Grow NJ award – an incentives program by the New Jersey Economic Development Corporation.

The award comes on top of significant savings in rent. HNTB’s chairman of professional services Mike Sweeney said the company is paying a monthly rent in the $30s per s/f at Two Gateway Center, compared to its leases in the high $40s and low $50s at 5 Penn Plaza.

Although the move is initially set to bring 35 jobs to Newark, Sweeney said HNTB could eventually fit as many as 100 employees into the new office if it uses its option for additional space.

Although Sweeney said he was “very appreciative” of the Grow NJ award, he said the company had begun considering a move to Newark even before it learned of the grant.

The Manhattan-based firm, which offers infrastructure planning, design, program management and construction management, has a number of clients in New Jersey.  It has served as the New Jersey Turnpike’s General Consultant

Engineer, New Jersey Transit Sandy Recovery Program Manager and New Jersey Transit’s Mid-line Loop Designer.
Colliers International acted as broker on the deal. деньги в долг

hairy girls займы на карту срочно hairy girl unshaven girl взять займ на карту без отказаонлайн займ на карту без отказа без проверки мгновеннозайм на карту онлайн срочно микро займ честное словоонлайн займ переводом контактзайм на киви 100 рублей омск займ денегзайм до зарплаты иркутскзайм онлайн pay ps

Related posts

Avison Young arranges 99-year ground lease for an estimated $21.5 million


Rosewood Realty Group Brokers $36.5 Million Sale of 15-Story Hells Kitchen Mixed-Use Building


Miller Construction Begins Work on an 80,000-Square-Foot Build-to-Suit Industrial Warehouse in Orlando