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Hartz Buys 130,000-SF Exchange Place

JERSEY CITY, NJ-The company, which has developed several adjacent office buildings on this city's waterfront, is said to be paying $24 million for the historic, early 1900's office tower.

By Eric Peterson | Updated on November 04, 2003

JERSEY CITY, NJ-In a somewhat unusual move for a company that has developed more than 90% of its 35-million-sf portfolio, Hartz Mountain Industries has agreed to buy the 130,000-sf 15 Exchange Place office building here. According to sources, the price tag is in the $24-million range, which would put the transaction at just under $185 per sf. The seller is NOL Properties, a division of shipper Neptune Orient Lines.

Hartz, which helped trigger the building boom on this city’s waterfront several years ago with its 70 and 90 Hudson St., now controls one million sf of office space spanning more than 1,000 linear feet along the waterfront. The Secaucus, NJ-based company also owns the 77 Hudson St. site, which is fully zoned and approved for 1.1 million sf of office space.

“Historically, 15 Exchange Place not only has been a symbolic and important building, it has also been successful in attracting tenants,” says Hartz president Emanuel Stern. “We could never own enough of the Jersey City waterfront, and while there is space available at 15 Exchange Place, when the market returns, it will quickly absorb that and everything else available on the waterfront.

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