A rendering of a modernized 2 Journal Square, a 300,000-square-foot office building in Jersey City that is undergoing a series of interior and exterior improvements. — Courtesy: HLW
By Joshua Burd
The owner of a well-known office building in Jersey City has hired Newmark Knight Frank as its leasing agent, as it continues a sweeping overhaul of the 300,000-square-foot property.
NKF announced Wednesday that it was providing leasing and marketing services at 2 Journal Square, a nine-story building adjacent to the Journal Square PATH station. The real estate services firm will now work directly with GAIA Real Estate as the landlord carries out an $11 million upgrade at the property, seeking to capitalize on the renewed interest in the historic Jersey City neighborhood.
The NKF team includes Executive Managing Director Jeff Schotz, Senior Managing Director Hope Brodsky and Associate Director Dan Reider.
“We’re excited to work with GAIA to transform an already iconic office building into a space that will revitalize the surrounding community,” Schotz said. “Upon completion of the common area, it will stand as the best office building in the Journal Square area of Jersey City, with the ability to provide a superior work environment and great access to public transportation.”
HLW is overseeing the redesign and modernization of 2 Journal Square, which was built in 1987. Upgrades will include common area renovations and new tenant amenities such as conference rooms and fitness facilities.
GAIA is also converting 30,000 square feet on the ground floor to create new retail and restaurant space. Newmark RKF is handling the leasing of the available retail space, which has already attracted BurgerIM as its first announced tenant.
“It is important that our projects create a work-play-live environment in Journal Square, which is why GAIA is investing $11 million for a total building upgrade,” said Danny Fishman, co-founder and CEO of GAIA Real Estate. “The improvements will encompass new lobbies, destination-dispatch elevators and amenity spaces.
“The enhanced property with the convenience of a major transportation hub will invite new businesses and residents to an increasingly attractive Jersey City community.”
GAIA and NKF noted that 2 Journal Square has more than 700 parking spaces, while the Journal Square PATH station offers direct access to both New York City and Newark. They also pointed to the growing pipeline of residential properties that are under development in the neighborhood as part of an ongoing resurgence within the city’s onetime commercial hub.