Jersey City Office Building Sells for $48M

15 Exchange Place. Image courtesy of JLL Capital Markets

After a nearly two-decade ownership, Hartz Mountain Industries Inc. has completed the $48 million disposition of 15 Exchange Place, an office building totaling 136,000 square feet in Jersey City, N.J. American Equity Partners acquired the 71 percent occupied property with the help of JLL Capital Markets.

The property last traded in late 2003, when the current seller paid $24 million, half the current sale price, to purchase the multi-tenant mid-rise, CommercialEdge data shows.

The office building is located on less than an acre at 15 Exchange Place, across the Hudson River from Manhattan’s Tribeca neighborhood. The 11-story office building features flexible floorplates reaching 14,200 square feet and offers views of both the Manhattan skyline and the waterfront. Formerly known as NOL Center and Commercial Trust Companies Building, the property was completed in 1920 and comprises an 8,000-squre-foot retail portion on the ground floor.

Notable tenants include financial firm Henderson Harbor Group, institutional brokerage firm Muriel Siebert & Co. and Merrill, among others, according to CommercialEdge.

15 Exchange Place in the Hudson Waterfront South submarket is easily accessible, with several nearby public transport options, such as the Harborside ferry terminal and the Exchange Place PATH station. Downtown Jersey City is roughly a mile away, while Lower Manhattan is less than 4 miles away.

Successful teamwork

The JLL Capital Markets team that represented the seller included Senior Managing Directors Jose Cruz and Kevin O’Hearn, Senior Director Michael Oliver, Managing Director Steve Simonelli and Analyst Jason Lundy.

Last week, JLL Capital Markets also procured the buyer of the fully leased West Windsor Commons in Princeton, N.J. The transaction marked Kawa Capital Management’s first office purchase in the state.

In February, the professional services firm arranged a nearly $114 million acquisition loan for 2801 NCX, a 240,000-square-foot office property in Dallas. OliveMill Holdings teamed up with Hunt Realty Investments and Angelo, Gordon & Co. to acquire the Class AA property.