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SunAmerica Plans to Abandon NYC for 70,000 SF on the New Jersey Waterfront

JERSEY CITY-The financial services company will move its asset management division out of Manhattan, picking Harborside Financial Center over SL Green's Times Square area building.

By Eric Peterson | Updated on July 25, 2001

JERSEY CITY-According to a published report, SunAmerica, the financial services firm, has signed a long-term lease for 70,000 sf at Harborside Financial Center on this city’s burgeoning waterfront. The property is owned and is being developed by Mack-Cali Realty, the Cranford, NJ-based REIT.

Neither Mack-Cali nor SunAmerica, nor their brokers, Insignia/ESG and CB Richard Ellis respectively, will comment on the deal. But a source with knowledge of the transaction confirmed to GlobeSt.com that SunAmerica, whose parent company is the American International Group, will occupy two floors at the 34-story Plaza Five building.

Currently under construction, Plaza Five is expected to be ready for occupancy within 18 months. The larger complex currently has four buildings completed and occupied, adding up to more than two million sf. Two more office towers are under construction, and at build-out Harborside Financial Center is expected to contain as many as 10 office buildings, residential development and a hotel property.

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