Par-Troy Firms Among Honorees at Developers Awards Gala

Commercial real estate’s top leaders and the top deals of the past year—including one that brought new life to Par-Troy's Jefferson Road area—were saluted May 9 at NAIOP New Jersey’s 26th annual Awards Gala at The Palace at Somerset Park. The industry’s largest statewide event was attended by a sold-out crowd of close to 700.

 Among the night's honorees were Bloomfield-based Prism Capital Partners and Parsippany firms Biomet Technologies and Ferring Pharmaceutical for their creative approach to filling township office vacancies.

“Once again, our industry continues to demonstrate cutting-edge professionalism, and that hard work and creativity can bring success in any business cycle,” said Michael McGuinness, CEO of NAIOP New Jersey, the commercial real estate development association. “Tonight, we congratulate all of the nominated deals for the impact they have had on New Jersey’s economy, and those individuals and companies whose achievements have changed New Jersey’s economic landscape for the better.”

The award for Creative Deal of the Year cited Parsippany's Biomet and Ferring headquarters relocation transactions, honoring Prism Capital Partners, owner of 399 Jefferson Road, Cushman & Wakefield, Inc., Jones Lang LaSalle and tenants Biomet Technologies and Ferring Pharmaceutical.

The ultimate lease-up and repositioning of the once-vacant 399 Jefferson Road entailed a complex process of two property dispositions, a 103,000 square-foot lease by Biomet, renovation of the property to create a highly efficient, LEED-certified headquarters combining office, laboratory and manufacturing, and an agreement by Prism to construct a 28,000 square-foot addition to accommodate the companies’ requirements. Ultimately, the project successfully capped a complete turnaround of the Jefferson Road business corridor, which was once characterized by numerous vacant buildings.

“We are very proud of all of our honorees this evening,” said McGuinness. “Their impact on our state’s economy cannot by understated, and all NAIOP New Jersey members thank them.”