On the Chicago-based REIT's Q3 earning call, Ventas's Debra Cafaro, CEO and chairman, reveals that the portfolio did not receive the strong seasonal lift in occupancy that was expected.

The developers recently launched vertical construction on the 26-acre redevelopment project and also marked the completion of 200,000 square feet of leasing at the project.

"New Jersey is extremely vulnerable to the impacts of sea-level rise and global warming, and today's Executive Order outlines a bold and comprehensive set of actions to ensure that our communities and infrastructure are more resilient against future storms," Gov. Murphy said.

According to a third quarter report on the office market in Broward County by commercial brokerage firm CBRE, the overall vacancy rate for the region fell 40 basis points from the second quarter and 210 basis points from a year earlier to 9.3% at the end of the third quarter of 2019.