Another New York City business has been tempted across the Hudson by cash incentives offered by the Garden State.
Apparel company Charles Komar & Sons will move 500 jobs to a 159,000 s/f headquarters space at 90 Hudson Street in Jersey City.
The company’s headquarters relocation from 16 East 34th Street was incentivized by the State of New Jersey with a $37 million grant and will bring the office tower owned by Chambers Street Properties to 100 percent occupancy.
Investment firm Lord Abbett also maintains its headquarters at the property, having relocated there from Manhattan when the property was built.
Cushman & Wakefield serves as exclusive leasing agent for 90 Hudson Street. “Charles Komar & Sons is the second household-name tenant that has chosen to make 90 Hudson Street its headquarters, joining Lord Abbett,” said Robert Lowe, the Cushman vice chairman who heads the property leasing team with Ed Duenas, executive director.
“This is a positive sign for the regional market, and speaks to the quality of this asset and the flexibility of its ownership.”
90 Hudson Street is part of the mixed-use Colgate Center, featuring housing, a four-acre public park waterfront esplanade, and six additional commercial buildings. The property is close to the Exchange Place PATH station, NY Waterway Ferry service and the Hudson-Bergen Light rail.
Charles Komar & Sons, Inc. was represented by Neil Goldmacher and Timothy Greiner of Newmark Grubb Knight Frank.
Chambers Street’s Phil Kianka, executive vice president and chief operating officer, and Dennis Keyes, vice president, were also involved in the negotiations.
“In securing a long-term lease with a quality tenant, Chambers Street is pleased to bring 90 Hudson to 100 percent occupancy until 2024,” Kianka noted.
“The desirable waterfront location in Jersey City has captured the interest of a wide variety of tenants and remains an attractive alternative to downtown Manhattan. As part of an extremely active year in our leasing efforts, the Charles Komar & Sons commitment brings total 2014 leasing volume above 3.2 million square feet.”
Just last month, the New Jersey chapter of the National Association of Industrial and office Properties (NAIOP) heard how New Jersey’s economic development community has been armed with some powerful incentive programs that have leveled the competitive playing field with other states.
Most recently, Wenner Bread Products announced it would move its operations and 250 jobs from Long Island to New Brunswick, lured by $30 million of incentives.
“New Jersey’s incentives have indeed become a game changer,” said Michael McGuinness, CEO of NAIOP New Jersey.