[IMGCAP(1)]ROSELAND, NJ-The financial markets and general economy notwithstanding, lease deals are still getting done, albeit on the small side. In recent days, 71,000 sf of activity has been chalked up, the common denominator in this case being that the multiple leases were orchestrated by Doug Gaffney, senior managing director in the local office of the Schultz Org., and associate Tony Georgiev.

“We’ve had some decent deals to report,” Gaffney tells GlobeSt.com. “The market is tough, but we have been fortunate on some decent tenant rep activity.”

[IMGCAP(2)]The largest of Gaffney’s signings was a lease by K. Hovnanian’s Coastal Division for 20,200 sf at First Properties Corp.’s 90,000-sf 5 Commerce Way in Hamilton. Also known as Gateway Centre 195, the two-story building was completed in 2007. Terms were not released.

Next was the law firm of Blume Goldfaden, which renewed its 19,800-sf main office space in a long-term deal at 1 Main St. in Chatham. Owned by Bridgewater-based SK Properties, the 68,000-sf building is currently fully leased.

The law firm Finazzo Cossolini and O’Leary, meanwhile, has taken 8,500 sf at 45 Washington St., a new building in Morristown. And four separate medical practices have signed leases totaling 17,000 sf at 10 James St. in Florham Park. The 5,000 sf still available in the 22,000-sf building is currently listed with an asking price of $22 per sf, triple-net. Owner Silverman Group acquired 10 James St. in 2007, in a transaction similarly orchestrated by Gaffney.

Finally, I.M. Mack Construction took 5,000 sf at 25 Hanover Rd. LLC’s two-building 25 Hanover Rd. in Florham Park, and will use the space as a regional office. Terms were not released; availabilities at the 130,000-sf complex are currently listed with asking prices in the $19-21.50 range. The buildings are adjacent to the previously mentioned 10 James St., and the respective buildings’ parking lots were recently combined, according to Gaffney.

“While too much negative news overhangs our economy on a macro level, doctors, law firms and small companies continue to work hard and run their businesses, although in a more streamlined fashion,” he reports. “Firms will continue to tighten their operational budgets of the next year, but that doesn’t mean business has shut down across Northern New Jersey.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.