American Equity buys 15 Exchange Place on Jersey City waterfront for $48M

136,000K sq. ft. boutique office building was sold by Hartz Mountain

Hartz Mountain Industries sold 15 Exchange Place, a 136,000-square-foot boutique office building on the Jersey City waterfront, to American Equity Partners for $48 million.

Originally built in the early 1900s, the 11-story 15 Exchange Place offers 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.

The property is positioned directly on the Hudson River waterfront in the heart of Jersey City’s Exchange Place. It has direct access to the waterfront walkway and plaza, is adjacent to the Exchange Place PATH station and is within walking distance of the ferry terminal, providing access to Midtown Manhattan. It also is easily accessible for commuters from the suburbs via the Hudson-Bergen Light Rail.

David Elkouby of American Equity Partners was pleased with the purchase.

“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,” he said. “That, together with its proximity to mass transit, is what appealed to us at AEP.”

The sale was announced Tuesday by JLL Capital Markets, which represented the seller and procured the buyer, 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,” O’Hearn said. “The unobstructed views of the Manhattan skyline are also very impressive.”