The Bayonne development is comprised of several buildings, which include a new 218-key premium hotel, nearly 75,000 square feet of retail space, and 4,500 residential housing units.

The flexible office space market in the Windy City grew by 958,000-square feet between mid-year 2018 to the end of June 2019.

Currently at 96% occupancy, the buildings are located in a densely populated adult and residential area of Monroe Township, offering very favorable demographics for tenants.

Class A buildings in proximity to NJ Transit train stations remained on the radar screen for office occupiers with space requirements. More than 95.0% of the leases completed during the first half of 2019 were concentrated in Class A buildings.

During a recent competitive bidding process, Cushman & Wakefield conducted tours with more than 15 potential buyer groups and received multiple offers for 1 Gatehall Drive.

"We are thrilled to provide our marketplace with access to institutional-quality opportunities in the senior living sector," said Keith Lampi, president and chief operating officer of IPC.

The facility currently employs 170 workers and the company expects to double its kitchen staff by the end of next year to fuel its rapid expansion needs.

The Board of Commissioners also approved the first inflation-based adjustments to the agency's tolls, fares and fees since 2015.