333 Washington St. in Jersey City — Courtesy: JLL
By Joshua Burd
A loft-style, boutique office building in Jersey City is on the market for sale, providing what brokers say is a stable rent roll with coveted space for small and midsized users.
JLL has listed the 46,985-square-foot property, 333 Washington St., noting that its exposed brick and high ceilings provide a distinctive work environment. The building is also more than 90 percent leased, benefiting from a location that’s just two blocks from PATH and Hudson-Bergen Light Rail service and a short walk from the Hudson waterfront.
The brokerage team added that the property, which was renovated in 2001, has a recently converted ground floor that serves a modern event space with a roughly 10-year lease in place with Vanilla Skies. What’s more, the street area immediately outside was recently approved to be used as a parklet, offering additional value for building tenants.
“Currently 93 percent leased, 333 Washington offers significant in-place, stable income,” JLL wrote in its offering materials. “There are additional compelling long-term upside opportunities, such as replacing existing tenants with creative firms seeking unique space, as well as potential for future redevelopment of the site.”
The firm’s Jeremy Neuer, Ryan Robertson, Jose Cruz, Bradley Wachenfeld and Michael Kavaler are spearheading the assignment, with support from Max Custer and Mike Pietrowicz of the financing and leasing teams, respectively. Among other features, they highlighted the building’s average floorplate size of less than 10,000 square feet, noting that it is poised to benefit from
Jersey City’s scarcity of available small to midsized spaces.
“Office availability in the market is dominated by large blocks of space, not directly competitive to 333 Washington,” JLL wrote, noting that more than 60 percent of the available space in Jersey City is in blocks of more than 100,000 square feet.
