Manulife Inks 2 New Leases at New Jersey Office Building

10 Exchange Place. Image courtesy of Cushman & Wakefield

Manulife US REIT has signed two new leases totaling 35,240 square feet at 10 Exchange Place, a 740,354-square-foot office tower in Jersey City, N.J. Cushman & Wakefield brokered the lease agreement on behalf of the landlord, while Savills and JLL represented the tenants, EXL and Fortitude.

Business management consultant firm EXL renewed its 17,712-square-foot lease on the 22nd floor of the building, while insurance company Fortitude signed a lease to occupy 17,528 square feet on the same floor. Kuehne + Nagel, Chubb Limited, Chain IQ and Royal Alliance are among the other tenants at the property, managed by Manulife Investment Management.

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Originally completed in 1989, 10 Exchange Place underwent cosmetic renovations in 2015, according to CommercialEdge. The same data provider reveals that the Class A property also features 10,000 square feet of retail. The 30-story office building boasts a revamped lobby, a parking garage with bike storage along with on-site food and beverage options.

Flight to quality

The office building is close to the Hudson River walkway and Harborside Center, which offers an array of shopping, dining, and entertainment options. 10 Exchange Place is also situated near the Exchange Place NJ Path train station and is easily accessible via the Hudson-Bergen Light Rail, NJ Transit and NY Waterway ferry.

According to a Northern New Jersey office report by Cushman & Wakefield, Northern New Jersey’s office leasing market ended 2022 on a high note, with 1.2 million square feet of new commitments signed during the fourth quarter, marking a 23.2 percent increase from the previous quarter. The flight-to-quality trend accelerated in 2022, with Class A office properties accounting for 67.4 percent of the total leasing activity, up 60.3 percent from the previous year.

Cushman & Wakefield’s Executive Director David DeMatteis, Managing Director Nicholas Dysenchuk and Executive Vice Chair Robert Lowe represented the landlord in the lease signing. Corporate Managing Director Scott Bogetti and Assistant Director Meghan Marchini of Savills brokered the deal on behalf of EXL, while Managing Directors Michael Shenot and Dan Spero, along with Vice President Andrew Coe of JLL represented Fortitude in the agreement.