Crocker Partners, which has been retained as the property management team for the 28-story tower, kept a 1.9-acre site for a new multifamily project adjacent to the office building.

The new location, which is scheduled to open for business in the second quarter of 2020, will be Industrious' third in Philadelphia and the fourth location in partnership with Fashion District owner Macerich.

The 22-story office tower at 111 West Washington totals 585,000 square feet. Chicago-based Golub will assume management and leasing of the building that was constructed in 1913.

The development is a joint venture with 1026 Real Estate Investors, LLC, a New York City-based real estate investment firm headed by principal, Douglas Oliver. The facility will be professionally managed by CubeSmart Self Storage.

The New Jersey Housing and Mortgage Finance Agency awarded the $20.5-million development 9% Low Income Housing Tax Credits, which are expected to generate $15.9 million in private equity.

"Clearly this is a pivotal event, not only for our company, but also for the competitive landscape in our region," says David Grove, managing director at Lee & Associates.

Court Plaza North is one of three buildings that make up Court Plaza, a 335,000-square-foot Class-A office complex located at 19/21/25 Main St. in Hackensack.

The center, which will be based on the university's campus in Urbana-Champaign, will serve as a global hub for the technology that will drive the manufacturing plants, medical environments, autonomous vehicles and smart homes of the future.