By Roland Li
A partnership of Gaia Real Estate Investments and Israeli-based Phoenix Insurance and Menora Mivtachim Insurance have purchased the nine-story 2 Journal Square Plaza in Jersey City for $78 million.
Hartz Mountain Industries, which built the 325,000 s/f building in 1987, was the seller. Broadridge Financial Solutions occupies the majority of the building, with a lease that expires in 2018.
David Bernhaut, Andrew Merin, Gary Gabriel and Jared Zimmel of Cushman & Wakefield”s Metropolitan Area Capital Markets Group represented the seller.
“The fact that it has been leased on a long-term basis to a premier financial services company and has close proximity to Wall Street, 2 Journal Square drew a great deal of interest from potential investors,” said Bernhaut, in a statement. “The buyer readily understood the value of this offering as one of the premier assets of its kind currently on the market due in part to the building’s technology infrastructure, power and redundant systems.”
The transaction involved a loan assumption. Vision Property Management, a subsidiary of Gaia, will take over building management.