Cushman & Wakefield said it has upped its property management assignments by 2.2 million square feet in the Garden State.
Among the assignments added by the Asset Services team: a six-property portfolio, totaling 963,000 square feet; a 734,000-square-foot Monroe property recently purchased by an affiliate of Zurich Alternative Asset Management; and a 540,000-square-foot former Pfizer manufacturing facility in Parsippany recently acquired by joint venture investment partners Turnbridge Equities and Harbor Group International.
At the Parsippany location, Cushman’s Andrew Siemsen and Jason Goldman serve as exclusive leasing agents for the property that is undergoing a $4.5 million mixed-use repositioning. Cushman also provides full construction management services for the campus.
“We are seeing a significant volume of institutional investment in New Jersey, which is creating opportunity for third-party property managers,” Cushman Managing Direction Michael Nevins said in a prepared statement.
According to the real estate services firm, the East Rutherford-based Asset Services team currently serves approximately 100 properties totaling 16.5 million square feet, marking a 25 percent increase in managed square feet managed over the past 18 months.