JERSEY CITY-The LeFrak Organization has nailed down nine new long-term lease deals at its 111 Town Square Place tower in the Newport complex here within three months of space becoming available.
The leases, totaling 62,440 square feet, included a mix of new tenant signings, expansions by existing tenants and renewals, said executives of the family-owned company, noting this reflects generally strong office activity on the Jersey City waterfront.
The LeFraks are currently seeking a large tenant to commit so work can begin on a new Pier Six development at Newport. That building could add up to 1.25 million square feet of office space in the area.
“Leasing activity has been robust, due in part to Jersey City’s healthy, low vacancy market, as well as our prime waterfront location across from the PATH station, which top-tier companies have been gravitating towards from both Manhattan and New Jersey,” says Marylou Berk, LeFrak’s head of commercial real estate.
The nine recent leases were signed with a mix of tenant types, including financial institutions, transportation companies, tech firms, and media companies.
Brian Decillis, LeFrak’s leasing director at Newport, says, “Corporations and brokers alike have been attracted to 111 Town Square Place because of its ability to accommodate small and large tenants, who may also require extensive IT infrastructure, disaster recovery and high-speed connectivity. In addition, a significant common area capital improvement plan is underway at the building, which has excited our tenants and the brokerage community.”
Cushman & Wakefield brokers Barry Zeller, Robert Rudin, Edward Duenas and Dave DeMatteis worked with LeFrak on marketing the 15-story, 500,000 square foot property. Limited spaces are still available, ranging in size from 1,400 square feet to 20,000 square feet.
The recently signed leases include:
- A 27,915-square-foot lease with Global Association of Risk Professionals, a non-profit group, represented by Coldwell Banker’s Peter Wisniewski.
- A 15,557-square-foot lease with Hartfield, Titus & Donnelly, a municipal bond brokerage firm, presented by Peter Sabesan, partner of Coldwell Banker Commercial Hunter Realty.
- A 7,303-square-foot renewal and expansion for Stagnito Media, a digital publisher, represented by C & W’s David DeMatteis and Marc Trevisan.
- A 3,215-square-foot lease with West Legend Corporation, a supplier to home improvement retailers, contractors and manufacturers, represented by Jones Lang LaSalle’s Aaron Ellison.
- A 3,015-square-foot lease with Select Transportation Corporation, a commercial freight transportation specialist that was represented in-house.
- A 2,500-square-foot lease with C.H. Powell, a global provider of transportation and logistics, represented by DeMatteis.
- A 1,100-square-foot lease with Spotex, an institutional foreign exchange platform, represented by C & W’s Zeller and Duenas.
- A 1,000-square-foot renewal for IP Blue Software Solutions, a supplier of voice over Internet Protocol technologies, represented in-house.
- An 835-square-foot lease with Atlantic Capital, a commodities trading firm, represented in-house.
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