Back in February, we reported that the KABR Group and Kushner Companies had closed on the purchase of Warren at Bay. Now, after a recent tour, we have a few more details on the vision for the project.
For starters, the existing century-old warehouses will be saved. Plans call for the repurposing of the property into a high-tech commercial space. Highlighting its prime location just blocks from the Grove PATH station and proximity to Manhattan, KABR Chairman Kenneth Pasternak sees this as an opportunity to attract world-class tech companies to Jersey City.
Pasternak compared the project to Uptown Station in Oakland California. Formerly a Sears store, Uptown Station made national headlines last September when Uber announced they purchased the property with the intention of expanding their global headquarters to Oakland.
It’s hard to ignore the similarities. Oakland is just across the bay from San Francisco. With cheaper real estate prices for both Uber and it’s potential hires, Oakland is an enticing locale even for one of the world’s highest valued private companies. Like Jersey City, Oakland is also one of the most diverse communities in the US, providing a dynamic talent pool from which to hire.
Up to this point, Brooklyn has been the go-to place for the spill over from Silicon Alley. But now with Brooklyn rents on the rise, Pasternak believes companies will start looking westward.
And it’s not just lip service, KABR and Kushner have already made a significant investment in this vision. They’ve hammered out a deal with the multi-billion dollar coworking behemoth WeWork to open up a location in Journal Square, at One Journal Square. Considering WeWork’s presence in Brooklyn, the fact that they’re committing to Journal Square shows the potential they see in Jersey City.
Mr. Pasternak is no stranger to seeing these grand visions through. One of KABR’s first acquisitions was 85 Challenger Road in Ridgefield. After rehabbing the office center, Samsung Electronics America leased the space for their North American corporate headquarters.
[gmap height=”250px”]124 Bay St, Jersey City, NJ 07302[/gmap]
Warren at Bay – 124 Bay St, Jersey City, NJ 07302
