Cresa's New Jersey-based Medical Practice Group Closes Out 2023 with 127,039 SF in Transactions Across Northeast Portfolio

Rothman Orthopaedic Institute has inked a flurry of real estate deals in the region, including two in New Jersey, in a series of year-end transactions arranged by Cresa.

According to the brokerage team, the activity included dispositions of 22,311 and 6,744 square feet in Paramus and Rutherford, respectively. The provider also signed expansion and extension deals for 80,782 square feet in Philadelphia and 17,202 square feet in King of Prussia, Pennsylvania.

Cresa’s New Jersey-based medical and health care practice group represented Rothman in the transactions, which were completed in the last 30 days of 2023, noting that each deal allows it to elevate the patient experience and streamline operations. The team includes Jonathan Marks, principal and co-chair of Cresa’s national medical and health care practice group, along with New York City Senior Vice President Michael Doetsch and New Jersey Managing Principal Dennis Gralla.

“The medical office sector is experiencing a dynamic evolution, shaped by a confluence of factors that reflect the ongoing transformation in the health care industry,” Marks said. “With an aging population and a growing emphasis on preventive care and wellness, there’s an increasing demand for strategically located and technologically advanced healthcare office spaces. It remains a top-performing asset class and we expect that to continue well in to 2024.”

The practice group noted that it completed more than 300,000 square feet in long-term health and medical transactions across the market in 2023, recording deals for clients such as Regional Cancer Care, Fresenius, Holy Name and Axia Women’s Health this year. Other notable commitments include:

Fresenius’ 13,014-square-foot lease at 2130 Millburn Ave. in Maplewood

Regional Cancer Care’s 12,597-square-foot lease at 7650 River Road in North Bergen

Fresenius’ 10,701-square-foot lease at 718 Teaneck Road in Teaneck

Axia Women’s Health’s 4,351-square-foot lease at 1100 Centennial Ave. in Piscataway

Regional Cancer Care’s 11,023-square-foot lease at 100 Haynes St. in Manchester, Connecticut

The team is also beginning 2024 with more than 1.1 million square feet in medical office transactions already in process, according to a news release.

“We remain dedicated to helping our clients select strategic locations that offer a supportive and professional environment for medical practitioners,” Marks said. “As we continue to serve our clients and optimize their portfolios as they expand, we too are looking to grow our group and hope to add several new health care advisors to our team next year.”