The deal with Tullett included a 63,372-sf extension for 12 years and seven months and a 37,387-sf expansion for 15 years. The company's North American headquarters will be housed in the space. Tullet was represented by brokers John Cefaly, Robert Lowe and Ed Duenas of Cushman & Wakefield. Mack-Cali was represented in-house by Thomas Savoca, senior director of leasing.
"We're delighted that Tullett Prebon has expanded its long-term presence at 101 Hudson St.," says Mitchell Hersh, president and CEO of Mack-Cali, in a company release. "This transaction demonstrates Mack-Cali's ability to build long-term tenant relationships, as well as Jersey City waterfront's strong appeal to global communities."
The 42-story class A office building is located on the Hudson River waterfront, within sight of lower Manhattan. It is immediately adjacent to the Exchange Place PATH station and is also near ferry services to downtown and midtown Manhattan and the Hudson-Bergen light rail. The property benefits from a number of state incentives, including the New Jersey Urban Transit Hub Tax Credit program and Business Employment Incentive Program. It is also located in an Urban Enterprise Zone.
As was previously reported, the office market in Jersey City has remained steady despite the economic downturn and the possible ripple effect of layoffs in the financial sector. The building has stayed strong—an AIG subsidiary expanded for the second time in January, taking its total footprint to just shy of 395,000 sf. Other major tenants at the property include PriceWaterhouseCoopers, Lehman Brothers, and Merrill Lynch, which leases half the building, lending 101 Hudson its nickname of the "Merrill Lynch building."
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