Boutique Office Property on Jersey Waterfront Sells for $48M

JLL Capital Markets says it has closed on the $48 million sale of 15 Exchange Place, a boutique office building totaling 136,000 square feet in Jersey City, NJ

JLL represented the seller, Hartz Mountain Industries, Inc., and procured the buyer, American Equity Partners, LLC..

The JLL Capital Markets team representing the seller was led by Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Jason Lundy.

“This property has one of the absolute best locations in New Jersey as it benefits from a strong work/live/play environment with unmatched mass transportation connectivity to New York City and along the Waterfront,” JLL’s Kevin O’Hearn said. “The unobstructed views of the Manhattan skyline are also very impressive.”

15 Exchange Place is positioned directly on the Hudson River waterfront in the heart of Jersey City’s Exchange Place, with spectacular views of Manhattan. The property is adjacent to the Exchange Place PATH station and within walking distance of the ferry terminal providing access to Midtown Manhattan.

Originally built in the early 1900’s, the 11-story 15 Exchange Place offers attractive office space above ground floor retail space. The building is 71% leased to a diverse tenant roster comprising financial firms, data consultants and other professional services firms. 

The retail component of the property is occupied by a Starbucks and Potbelly Deli. 15 Exchange Place offers an impressive lobby, flexible floor plates, executive parking and an outdoor courtyard with direct access to the Hudson River waterfront walkway and plaza.

“15 Exchange is very unique, it provides gorgeous views of the Hudson River together with unobstructed views of the Manhattan skyline to every office suite in the building regardless of size. That, together with its proximity to mass transit, is what appealed to us at AEP,” says David Elkouby of American Equity Partners.