JLL announced on Friday it has completed the $94.5 million sale of a commercial building in Jersey City.
The 337,888-square-foot building is located at 95 Greene St.
JLL’s Daniel Loughlin, vice chairman; Jose Cruz, senior managing director and co-head of capital markets in New Jersey; John Cunningham, executive vice president and co-chair of the firm’s Life Sciences Advisory; Blake Goodman, EVP; and John Cahill, senior vice president; represented the seller in the sale of the asset to New York City-based Thor Equities Group.
Located at the intersection of Greene and York streets, 95 Greene is within the heart of the city’s Paulus Hook neighborhood. It is a short walk from the Exchange Place PATH Station, NY Waterway Ferry and the Hudson-Bergen Light Rail system.
“Thor Equities is a diverse real estate firm with a dedicated life sciences investment platform,” Loughlin said. “It is committed to a multimillion-dollar capital investment program repositioning the building to a ‘lab ready’ condition enabling expedited delivery of tenant lab improvements and speed to market. More importantly, the property is uniquely entitled for R&D and specialty uses. The building’s legacy manufacturing infrastructure provides a highly capable environment for all types of research functions.”
“Many businesses in New York do not realize that 95 Greene Street is easier to get to then most of New York City’s current life science offerings,” Cahill said.
Goodman said the property caters to life science companies seeking talent in Manhattan and New Jersey.
“Similar to office sector trends, we see life science firms migrating to urban environments to attract talent,” Goodman said.
Amenities at the property include upgraded HVAC, utilities, floor loads, loading docks, onsite parking and high ceilings.