95 Greene Street. Credit: JLL.
NEW YORK CITY- Thor Equities Group has acquired 95 Greene St., a 337,888-square-foot property in Jersey City, New Jersey featuring rental space for the life sciences sectors, according to Daniel Loughlin, JLL vice-chairman and who represented Thor Equities in the acquisition.
"Thor Equities is a diverse real estate firm with a dedicated life sciences investment platform," said Loughlin in a prepared statement. "It is committed to a multimillion-dollar capital investment program repositioning the building to a 'lab-ready' condition enabling expedited delivery of tenant lab improvements and speed to market. More importantly, the property is uniquely entitled for R&D and specialty uses. The building's legacy manufacturing infrastructure provides a highly capable environment for all types of research functions."
Once upon a time, 95 Greene St. served as a primary manufacturing facility for Colgate Palmolive until 1987 and was later converted into a Class A office building that Merrill Lynch had occupied until vacating the building. The property is attractive because of its location at the intersection of Greene and York streets, in the heart of Jersey City's Paulus Hook neighborhood and its views of the Statue of Liberty and Hudson waterfront. The property is a short walk from the Exchange Place PATH Station, NY Waterway Ferry and the new Hudson-Bergen Light Rail system.
"Many businesses in New York do not realize that 95 Greene St. is easier to get to then most of New York City's current life science offerings," said John Cahill, JLL senior vice president and who represented Thor Equities in the transaction, in a prepared statement.
In addition, 95 Greene St. is viewed as filling a need in the local neighborhood for life science firms eager to recruit scientific and engineering talent from Manhattan and New Jersey, and to collaborate with the higher education and medical communities in the area, according to Blake Goodman, executive vice president and co-chair of firm's Life Sciences Advisory, who represented Thor Equities in the transaction. "Similar to office sector trends, we see life science firms migrating to urban environments to attract talent," he said in a prepared statement.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
