Gale, Rockefeller Close NJSEA Land Sale

As reported by GlobeSt.com, the transaction is part of the NJSEA's deal with the New York Jets and Giants to build a new stadium in the Meadowlands for the two NFL teams, as well as new headquarters and training facilities for both. For the Jets, the deal means a relocation of its long-time Long Island headquarters to the site here.

Along those lines, a lease for the complex has already been signed with the NJSEA by the Jets, who will occupy an under-construction 140,000-sf HQ and training facility. Plans for the site include four outdoor fields, one indoor field, and offices and media space. The Jets, which began construction on their project in April, anticipate completing it in the summer of 2008.

"I want to thank Gale, Rockefeller and the NJSEA for their work in ensuring the success of this purchase," says Jets president Jay Cross. "We are excited to move to Florham Park, a community that has already welcomed us as their neighbor."

"This project continues to progress and is on schedule," says Les Smith Jr., executive vice president, Rockefeller Group Development Corp. "This new complex will be one of the most exciting facilities ever built in New Jersey. The Jets are moving forward with an important commitment to our state."

The Gale-Rockefeller joint venture plans to develop the larger 493-acre site as a master-planned MXD with the Jets' complex as a centerpiece. The venture is in the final planning stages for a development that will include approximately 830,000 sf of class A office space, a 500-unit active adult residential community and a 250-room hotel. Some 60% of the site will be dedicated to active and passive open space.