Jersey City office building sells for $48M

NJ-based investor American Equity Partners bought the waterfront property from Hartz Mountain Industries

Tri-State /
Mar.March 10, 2022 02:30 PM

15 Exchange Place in Jersey City (LoopNet)

Another office building has traded hands in busy Jersey City, this time at 15 Exchange Place.

New Jersey-based office investor American Equity Partners purchased the waterfront property from Hartz Mountain Industries for $48 million, according to Connect CRE, which reports that the 11-story, 136,000-square-foot building is 71 percent leased to tenants including financial and data firms.

In addition to offices, the property includes ground-floor retail space occupied by a Starbucks and a Potbelly Sandwich Shop, as well as an outdoor courtyard with access to the Hudson River Walkway promenade and unobstructed views of the Manhattan skyline.

According to CRE Connect, JLL both procured the buyer and represented Hartz Mountain in the sale. Hartz Mountain purchased the building in 2005 for $24 million, according to a report.

In comments to the publication, AEP founder David Elkouby cited the views and proximity to mass transit as reasons why the firm was attracted to the building, which sits next door to the Exchange Place PATH station.

AEP specializes in acquiring office buildings and converting them into Class A properties, according to its website. Its portfolio consists primarily of office complexes throughout New Jersey.

Three years ago, the firm paid $38 million for a 23-story office building in East Brunswick, known as One Tower Center. Boston Properties was the seller of the 415,000-square-foot asset, which is among the tallest office buildings in Central New Jersey.

Hartz Mountain, meanwhile, has been reducing its New Jersey office holdings in recent months. The firm was one of the sellers of 707 Broad Street in Downtown Newark last year, which was picked up by a joint venture of Shift Capital, Hanini Group and CoInvestment Partners.

Like other suburban office markets, Jersey City’s has been busy recently. Last month, a 12-story office property at 70 Hudson Street was sold to Vision Properties and Hana Alternative Asset Management for $300 million — or about $690 per square foot. Spear Street Capital and PFA Pension sold the 433,197-square-foot building.

[Connect CRE] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    Accurate CEO Jack Klugmann and the Fairfield, CT Metro North train station (Accurate, Robert Mortell/via Wikimedia Commons, iStock)
    NJ developer buys languishing project in Fairfield
    NJ developer buys languishing project in Fairfield
    Kohl's CEO Michell Glass (Kohl's, iStock)
    Kohl’s looking to cash in on $8B real estate portfolio
    Kohl’s looking to cash in on $8B real estate portfolio
    Sackman Enterprises president Carter Sackman and 15-19 West 96th Street (Sackman Enterprises, Google Maps, iStock)
    Fed up Chabad sues Sackman over unfinished condo
    Fed up Chabad sues Sackman over unfinished condo
    A photo illustration of Times Square (iStock)
    Retail asking rents show signs of recovery
    Retail asking rents show signs of recovery
    SL Green's Harrison Sitomer and 450 Park Avenue (SL Green, Taconic Partners)
    SL Green closes on Park Avenue office tower
    SL Green closes on Park Avenue office tower
    240 Sullivan Street and Sky Management’s Jonathan Ohebshalom (Sky Management, Google Maps, iStock)
    Sky buys Greenwich Village mixed-use building in quiet week for i-sales
    Sky buys Greenwich Village mixed-use building in quiet week for i-sales
    Marble Collegiate Church, HFZ's Ziel Feldman and Vanbarton’s Gary Tischler (Getty, iStock)
    Church seeks to escape hellish partnership with HFZ
    Church seeks to escape hellish partnership with HFZ
    From left: 121 West 26th Street, Watermark’s Brendan Medzigian and Two Kings Principal Christopher Wang (Google Maps, Watermark , LinkedIn)
    Watermark Capital sells Holiday Inn in Chelsea for $80 million
    Watermark Capital sells Holiday Inn in Chelsea for $80 million
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...