15 Exchange Place in Jersey City — Courtesy: JLL
By Joshua Burd
Hartz Mountain Industries has sold a 136,000-square-foot office building in Jersey City to American Equity Partners, in a newly announced transaction by JLL.
According to the brokerage team, the buyer paid $48 million for the waterfront, 11-story property at 15 Exchange Place. JLL announced the deal Tuesday, noting that the building is 71 percent leased to a mix of tenants including financial firms, data consultants and other professional services, with retail space occupied by Starbucks and Potbelly Deli.
“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,” JLL’s Kevin O’Hearn said. “The unobstructed views of the Manhattan skyline are also very impressive.”
O’Hearn represented Hartz alongside JLL’s Jose Cruz, Michael Oliver, Steve Simonelli and Jason Lundy, while also procuring the buyer. They said the building’s proximity to the Exchange Place PATH station was a key draw, adding that 15 Exchange Place is within walking distance of ferry and Hudson-Bergen Light Rail service.
The brokers also cited its high-end lobby, flexible floorplates, executive parking and an outdoor courtyard with direct access to the Hudson River waterfront walkway and plaza.
“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,” American Equity Partners’ David Elkouby said. “That, together with its proximity to mass transit, is what appealed to us at AEP.”