A boutique office building was recently sold for $48 million in Jersey City, New Jersey.
The 11-story building, 15 Exchange Place, totals 136,000 square feet and is situated directly on the Hudson River waterfront in Jersey City’s Exchange Place. Originally constructed in the early 1900s, the property consists of ground-floor retail space with office space in the stories above and is currently 71% leased to a diverse tenant roster.
Adjacent to the Exchange Place PATH station, 15 Exchange Place is located a short distance from the ferry terminal that provides access to Midtown Manhattan. The property’s location is also easily accessible by commuters via the Hudson-Bergen Light Rail.
JLL Capital Markets (JLL) represented the seller, Hartz Mountain Industries. The JLL team was led by Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli, and Jason Lundy. The team was also responsible for procuring the buyer, American Equity Partners, LLC.
“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.
