Jones Lang LaSalle Appointed Exclusive Leasing Agent for New Brunswick Cultural Center Redevelopment Project

Jones Lang LaSalle today announced that it has been retained by New Brunswick Development Corporation (Devco) as the exclusive leasing agent for the Cultural Center Redevelopment Project, a large, mixed-use redevelopment project featuring a major Class A office tower in the heart of downtown New Brunswick, N.J.

The project includes renovations and new construction for the city’s performing arts venues; a 12-story office tower; a 20-story residential tower; underground parking; innovative public spaces; and street-level retail.

The Cultural Center Redevelopment Project is the latest venture for Devco, a tax-exempt urban real estate development company created in the mid-1970s to initiate redevelopment projects and to serve as the vehicle for public and private investment in the City of New Brunswick.

Since its inception, Devco has overseen nearly $2 billion in investment to aid New Brunswick’s economic revitalization. Devco recently completed several major redevelopment projects within two blocks of the Cultural Center Redevelopment Project site, representing $530 million in investment. There is an additional $600 million in the pipeline.

Jones Lang LaSalle Managing Director’s Dan Loughin and Paul Giannone are leading the team that will handle this prestigious assignment.
“We are happy to welcome the industry’s leading brokerage firm to one of New Jersey’s most exciting and important redevelopment projects,” stated Christopher Paladino, president of Devco. “When complete, the Cultural Center Redevelopment Project site will be a world-class destination.”

The Cultural Center is located just 1,500 feet from the Northeast corridor rail line (Amtrak and NJ Transit) at the New Brunswick Train Station, and is in direct proximity to a full-service hotel and conference center (The Heldrich). Close proximity to Rutgers University provides tenants with direct access to an educated workforce.

Currently designed for 12 stories with approximately 30,000-square-foot floor plates, the site’s office tower will boast on-site, underground parking and a street-level lobby on New Brunswick’s main downtown thoroughfare.“The Cultural Center Redevelopment Project will serve as an ideal headquarters for companies interested in being part of New Brunswick’s ongoing revitalization,” stated Paul Giannone, Managing Director, Jones Lang LaSalle.. “The office tower will be equipped with state-of-the-art amenities in an unparalleled location. With the benefits of New Jersey’s Urban Transit Hub Tax Credit program, the cost of occupancy can be less than half of that of other space options in New Jersey.”

New Jersey’s new Urban Transit Hub Tax Credit Act makes the Cultural Center Redevelopment Project’s office tower an attractive opportunity. The Credit Act provides a tax credit program in rail transit hubs in various cities throughout the state. Designated by the New Jersey Commerce Commission, the Cultural Center Redevelopment Project site qualifies for the program owing to its proximity to the New Brunswick train station.
The tax credits can be applied against corporation business tax, insurance premiums tax or gross income tax liability. This incentive is valid for businesses making at least $50 million of capital investment (including site preparation and construction, renovations, equipping or furnishing) in a business facility, and employing at least 250 people at that facility, within an Urban Transit Hub. The corporate taxpayer may utilize a credit equal to 10 percent of the qualified capital investment annually for 10 years.

“Tenants of the Cultural Center’s tower will have a chance to contribute to the economic development of New Brunswick, while earning significant tax credits,” stated James Cahill, Mayor of New Brunswick.