Faced with a high level of competition from out-of-state firms, especially those with a national platform, the full-service real estate firm became an upstart in its own backyard when it cranked up its new financial services division a year ago. According to CEO James J. Garibaldi, the move was justified given the competitive and high activity nature of the New Jersey market.
Altogether, in 2000 the division produced $200 million in regional deals. Notable ones were the sale of the ExxonMobil campus in Florham Park, NJ, and the sale of 818 Sylvan Ave. in Englewood Cliffs. The latter, acquired by NBC from developer CDI East, is being turned into CNBC's new HQ. Another of the division's major deals was development of a 500,000-sf spec warehouse/distribution facility in New Smithville, PA.
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