Developer Wants To Build New Office Complex In Montclair

MONTCLAIR, NJ — A Montclair-based real estate firm has plans to build a new, 130,000-square-foot office complex on Bloomfield Avenue, spokespeople say.

BDP Holdings LLC recently announced early plans for The Iris, a proposed office development that would be located at 641 Bloomfield Avenue. If it comes to fruition, the building would have 124,000 square feet of office space across the top three floors, 8,000 square feet of ground-floor with mezzanine retail and parking for 277 vehicles, the firm said.

Patch reached out to the developer seeking more information about the current status of the project, and received the following reply:

“Office over ground floor retail is an allowable use in this area of Montclair Township. Upon securing a tenant, a formal application will be submitted.”

Vertical construction could start within 18 months of site plan approval, BDP Holdings said.

The project would be designed by architectural, design and consulting services firm Gensler. BDP Holdings has retained real estate services firm JLL to market the property.

“Our aim is to find the right anchor tenant and build The Iris around their specifications,” said BDP managing partner David Placek, whose company is also behind the mixed-use Lackawanna development in Montclair.

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Placek said the proposed office building would help Montclair meet its “smart growth redevelopment goals.”

“We know there is tremendous demand for new office space in Montclair,” Placek said. “The Iris will offer superior commercial space to the downtown while bringing new patrons to local businesses and strengthening the town’s tax base to benefit the entire community.”

JLL managing director Tom Stanton agreed, saying that there is “strong tenant interest in walkable amenity rich downtowns with convenient public transportation and abundant retail options.”

“However, there is limited new development available on the market,” Stanton added.

According to JLL’s fourth quarter New Jersey Office Insight statement, “flight-to-quality” is expected to remain a leading theme of the office market in 2024 as tenants shed outdated workspaces and relocate their operations into new or renovated buildings.

This trend is accelerating the demolition or conversion of older, vacant buildings to alternative uses, with 1.8 million square feet removed from the office market in 2023, the firm said.

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