JERSEY CITY-Merrill Lynch has renewed its lease for 300,000 square feet at 95 Greene St. here, the entirety of the building, says SJP Properties, which purchased the former Colgate-Palmolive toothpaste factory in 1999.

Merrill signed a lease prior to the completion of SJP’s renovation of the building into class A office space with basement parking. “The long-term renewal by a major financial institution at 95 Greene Street validates SJP’s original vision for the transformation of this site into a world-class office environment,” says Steven J. Pozycki, CEO of SJP Properties, in a statement. “Jersey City is not just a location that is desirable for its proximity to New York City; it is a sought-out destination."

SJP is pursuing LEED certification for the eight-story class A office building, which adjoins another Merrill Lynch office at 101 Hudson St. The waterfront market currently has a vacancy rate of 9%, its lowest vacancy rate in three years, SJP says. Asking rents for riverfront office space range from $19 per square foot to $37 per square foot, according to LoopNet.