Page 30 - RE-NJ

28 OCTOBER 2023
The 601W Cos. has repositioned the historic but once-dilapidated Old Post Office building in Chicago, a 2.8 million-square-foot structure it acquired in 2016. Its upgrades have included new windows, elevators and building systems, as well as a new façade and amenities such as a three-acre rooftop deck, a 27,000-square-foot fitness center and a series of lounges.
a 27,000-square-foot fitness center and conference space. The building was vacant for 20 years but is now 99 percent leased, with much of the activity coming during the pandemic.
“When people are just good people, they attract good things,” said Jeremy Neuer, a senior managing director with JLL, who also represented Veris in the Harborside sale while a member of CBRE. “And I think that the
deals will come
easily to them
once they start
putting their
creativity to
work, because
they do have a
vision that is
similar to what
they did in Chicago ... and they do have a vision of what Harborside can become, which is the epicenter of the waterfront, the epicenter
of a dynamic live-work-play neighborhood that can really drive occupancy on the waterfront that will help drive rents for them and their neighbors.”
The 601W team believes firmly that Jersey City, “despite all its positivity, is still on the rise.” They point to the city’s workforce after the “explosive” growth of the historic Journal Square section, where developers have built or broken ground on thousands
of units over the past decade.
The firm also cites the growth of
the downtown and waterfront neighborhoods, which still have a massive multifamily pipeline within a five-minute walk of Harborside.
It’s a major reason why 601W looked at another former Mack-Cali building, 101 Hudson, when the 42-story, 1.35 million-square-foot office tower hit the market some three years ago. The firm, however, ultimately took a pass, opting to wait for what truly felt like the right match.
“Once we got a full understanding of the extraordinary growth of the residential population in Jersey City, we were on the lookout for the right opportunity,” Karasick said. “And when Harborside became available, we knew right away this was the perfect property to develop.” RE
of the complex, culminating in the $950 million sale of the asset in 2011.
The company has engineered a similar transformation in Chicago’s South West Loop, where it owns the 2.8 million-square-foot Old Post Office building. It acquired
the historic but dilapidated property in 2016 for $130 million before renovating it with new windows, elevators and building systems, among other updates, as well as a new façade and amenities such as a three-acre rooftop deck,
Jeremy Neuer
Rendering courtesy: 601W
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