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Deals & Dealmakers

Boutique office building along Jersey City waterfront trades for $48M

JLL Capital Markets announced today that it has closed the $48 million sale of 15 Exchange Place, a boutique office building totaling 136,000 square feet in Jersey City, New Jersey.

JLL represented the seller, Hartz Mountain Industries, Inc., and procured the buyer, American Equity Partners, LLC.

15 Exchange Place is positioned directly on the Hudson River waterfront in the heart of Jersey City’s Exchange Place, with spectacular views of Manhattan. The property is adjacent to the Exchange Place PATH station and within walking distance of the ferry terminal providing access to Midtown Manhattan. In addition, 15 Exchange Place is easily accessible for commuters from the suburbs via the Hudson-Bergen Light Rail.

Originally built in the early 1900’s, the 11-story 15 Exchange Place offers attractive office space above ground floor retail space. The building is 71% leased to a diverse tenant roster comprising financial firms, data consultants and other professional services firms. The retail component of the property is occupied by a Starbucks and Potbelly Deli. 15 Exchange Place offers an impressive lobby, flexible floorplates, executive parking and an outdoor courtyard with direct access to the Hudson River waterfront walkway and plaza.

The JLL Capital Markets team representing the seller was led by Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Jason Lundy.

“This property has one of the absolute best locations in New Jersey as it benefits from a strong work/live/play environment with unmatched mass transportation connectivity to New York City and along the Waterfront,” O’Hearn stated. “The unobstructed views of the Manhattan skyline are also very impressive.”

“15 Exchange is very unique, it provides gorgeous views of the Hudson River together with unobstructed views of the Manhattan skyline to every office suite in the building regardless of size. That, together with its proximity to mass transit, is what appealed to us at AEP,” added David Elkouby of American Equity Partners.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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