30 Montgomery St. in Jersey City — Courtesy: Real Capital Solutions/Lamar Cos.
By Joshua Burd
A joint venture has planted a flag in Jersey City with its acquisition of a well-known 16-story office building in the waterfront Exchange Place district.
The partnership, which includes Real Capital Solutions and Lamar Cos., paid an undisclosed sum for the 368,049-square-foot property known as 30 Montgomery. The deal follows $30 million in renovations at the tower in recent years, including upgrades to the lobby, façade, building systems and common areas, making it well positioned to lease up more than 140,000 square feet of available space.
Cushman & Wakefield’s David Bernhaut, Frank DiTommaso II, Bill Baunach, Mina Shehata, Frank Maresca, John Frisina and Melissa Aiello Strickland arranged the sale.
“This is exactly where we want to be investing right now,” said Adam Abeln, chief acquisitions officer at Real Capital Solutions. “Assets like 30 Montgomery are being repriced due to capital markets, not fundamentals. That creates an opportunity to step in at a basis where execution drives returns.”
According to a news release, 30 Montgomery is 61 percent leased to tenants including Bluevine Capital, Sourgum, Asset Based Lending and Outcomes Matter Innovations. Its new owners noted that the building’s flexible floor plates and smaller suite configurations align with current tenant demand trends, particularly among professional services and growth-oriented companies, while occupiers have direct access to the Exchange Place PATH station, ferry terminals and other transit options to Manhattan and the region.
The acquisition marks RCS’s entry into the Jersey City office market and its second office deal in seven months with Lamar Cos., the news release said. The firm added that, in the current market cycle, it has acquired 12 office properties nationwide and deployed more than $560.5 million in capital.
“30 Montgomery fits squarely within our focus on well-located assets with near-term leasing upside,” said Frank Maresca, executive vice president of Lamar. “With the capital already invested and the right execution plan, we see a clear path to creating value.”
