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B&G Foods Eyes HQ Relocation in New Jersey

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The company will occupy the 46,000-square-foot space for about 16 years. The post B&G Foods Eyes HQ Relocation in New Jersey appeared first on Commercial Property Executive.

Exterior shot of 8 Sylvan Way, an office building in Parsippany, N.J. The image shows the facade and trees in front of the building — The three-story office building is currently undergoing a capital improvement plan. *Image courtesy of CommercialEdge*

B&G Foods has signed a 46,000-square-foot, long-term headquarters lease at 8 Sylvan Way, a 166,039-square-foot office building in Parsippany, N.J. JLL represented the owner, Orion Properties, while Cushman & Wakefield worked on behalf of the tenant.

The firm will use the headquarters for research, developing new products and ensuring quality control. The corporate relocation is scheduled to be completed by the end of the year.

Orion has tapped JLL’s Project Development Services to build out the space for B&G Foods, which will feature a test kitchen.

The branded food holding company will occupy the second- and third-floor space for 15.7 years. The firm will relocate from 4 Gatehall Drive, a 248,480-square-foot property less than 2 miles from their new location.

Rising three stories at 8 Sylvan Way, the building is close to a host of dining and retail options, as well as 31 miles from downtown Jersey City, N.J. Newark Liberty International Airport is within 24 miles.

New Jersey’s average listing rate as of March clocked in at almost $33.4, according to the latest CommercialEdge office report. The market’s vacancy rate during the same month was 19.0 percent, up 90 basis points over a 12-month period, but still below the 19.9 percent national average.

A completely redeveloped office building

Initially completed in 1979, the building went through a complete redevelopment in 2009 to house the executive offices of The Medicines Co. After that lease expired in 2023, Orion commenced plans to renovate the property, which included upgrades to the parking lot, EV charging stations and walking trails.

Additionally, the owner is renovating the training rooms and board room, as well as the lobby and fitness center. The capital improvement plan is scheduled for completion this August.

JLL Executive Managing Director Tim Greiner and Senior Managing Director David Stifelman led the team that represented the ownership. Cushman & Wakefield Executive Managing Director Josh Cohen and Executive Vice Chair Ben Brenner worked on behalf of the tenant.

The post B&G Foods Eyes HQ Relocation in New Jersey appeared first on Commercial Property Executive.