Eltman, Eltman & Cooper, a national collections law firm, has signed a long-term lease to relocate from Lower Manhattan to downtown Jersey City.
Savills Studley, the commercial real estate services firm specializing in tenant representation, advised the company in the 10-year leasing transaction.
The law firm currently occupies 14,500 s/f at 140 Broadway in New York’s Financial District and will be relocating to 16,000 s/f on the 25th floor of 101 Hudson Street, a class A, 1.25 million-square-foot office tower situated near the Exchange Place PATH station.
Savills Studley’s executive managing director Joseph Genovesi and assistant director John Harte represented Eltman, Eltman & Cooper, which received a 10-year, $5.6 Million Grow NJ tax credit to bring 80 jobs to the state.
According to Harte, Eltman, Eltman & Cooper studied the market, weighed all options, and ultimately made a savvy business decision for the future of their firm.
In addition, the column free floor plate allows them to design a high end, open, and collaborative installation that the firm wanted for employee retention.
“Eltman began the process years in advance of their lease expiration which provided the opportunity to reevaluate their real estate needs and consider all alternatives in the marketplace,” he said.
“With its excellent transportation, unparalleled views of New York Harbor, and available financial incentives, Jersey City offered a better value per dollar than all alternatives in Manhattan.”
The landlord, Mack-Cali Realty Corporation, was represented in-house by Tom Savoca.
Established in 1947, Eltman, Eltman & Cooper specializes in credit and collections. The law firm has other individual offices in California, Florida, Georgia, Michigan, Ohio and Texas.
