BDP Holdings To Build New Jersey Office Project
BDP Holdings has unveiled plans for The Iris, a ground-up office development totaling 130,000 square feet in Montclair, N.J. JLL was retained as exclusive leasing agent for the project, that will commence construction within 18 months of site plan approval.
Designed by Gensler, the Class A office development will rise at 641 Bloomfield Ave. The building will comprise 124,000 square feet of office space on the top three floors and 8,000 square feet of retail, as well as 277 vehicle parking spots.
A vacant six-story warehouse and adjacent single-story retail buildings will be razed from the site, to make way for the new project. The Iris will include a lobby, new retail storefronts, outdoor terraces, a skylit atrium and interior staircase, according to Real Estate NJ.
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There is strong demand for new office space in the city and the project will strengthen the town’s tax base and local businesses, said BDP Holdings’ Founder & Chief Executive Officer, David Placek, in prepared remarks. The developer’s aim is to find the right anchor tenant for The Iris and build the new space around its specifications, added Placek.
The building will be close to multiple bus and train stations, as well as to major highways. The site is 10 miles from downtown Newark, N.J., 14 miles from Newark Liberty International Airport, 17 miles from Jersey City and 20 miles of Manhattan.
JLL’s team of Vice President Chris Masi, Executive Managing Director Tim Greiner and Managing Director Tom Stanton will market the property for lease.
New developments in New Jersey
The Iris will be next to Lackawanna Plaza redevelopment plan, that received final approval in October 2023, according to NorthJersey.com. BDP is also in charge of revitalizing the 8.2-acre site, that includes the historic Lackawanna Terminal. Plans call for an improved Lackawanna Plaza, the addition of five new buildings, multifamily projects totaling 300 units of mixed-income housing, multiple retail options and a new supermarket.
As of December, New Jersey had 1.7 million square feet of office space underway, accounting for 2.3 percent of total stock, according to a recent CommercialEdge report. The average listing rate clocked in at $35 per square foot, below the national figure of $38 and marking a 5.3 percent increase year-over-year.
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