One of Jersey City’s premier waterfront office spaces has a new owner, as the Exchange Place office tower has been purchased by a joint partnership.
Real Capital Solutions and Lamar Companies have acquired 30 Montgomery Street, a 16-story, 368,049-square-foot Class A office tower just a block from the Hudson River and the Exchange Place PATH station. Financial terms of the transaction were not disclosed, but the property last changed hands in 2016 for $101 million.
“This is exactly where we want to be investing right now,” said Adam Abeln, Chief Acquisitions Officer at Real Capital Solutions. “Assets like 30 Montgomery are being repriced due to capital markets, not fundamentals. That creates an opportunity to step in at a basis where execution drives returns.”
30 Montgomery is 61% leased to tenants that include Bluevine Capital, Wayste (Sourgum), Asset Based Lending, and Outcomes Matter Innovations. Ground floor retail tenants and the property include Cava, &pizza, and a Chipotle outpost.
The property has undergone more than $30 million in capital investments in recent years, including upgrades to the lobby, façade, building systems, and common areas. 30 Montgomery had previously sustained massive damage during Hurricane Sandy in 2012, with the building taking on about 50 feet of water in its lower and below-grade floors during the height of the storm.
“30 Montgomery fits squarely within our focus on well-located assets with near-term leasing upside,” said Frank Maresca, Executive Vice President of Lamar Companies. “With the capital already invested and the right execution plan, we see a clear path to creating value.”
The building features flexible floor plates and smaller suite configurations that the new buyers hope to align with current tenant demand trends, particularly among professional services and growth-oriented companies. The acquisition is Real Capital Solutions’ first entry into the Jersey City office market.
Real Capital Solutions says that the purchase of 30 Montgomery reinforces their strategy of investing in office assets at a reset basis. In the current market cycle, the company has acquired 12 office properties across the country and deployed more than $560 million in capital.
