American Realty Buys Jersey City Office Building for $101M

Glendale, California-based American Realty Advisors has purchased the 15-story office tower at 30 Montgomery Street in Jersey City, New Jersey for $101 million. The sale price is a marked gain for the sellers, a joint venture between Rubenstein Partners and Onyx Equities, which purchased the 315,385 square-foot building for $57 million in 2013. Rubenstein and Onyx completed a $20 million renovation project last year that includes a new lobby and replacing every window with architectural services from Spector Group. Terms of the deal were not disclosed; Cushman & Wakefield represented the sellers in the transaction.

"When we invested in 30 Montgomery three years ago, we could see the momentum building in the commercial and residential real estate market in Jersey City, and we believed that increased demand for quality office product would continue," said Stephen Card, regional director of Mid-Atlantic for Rubenstein Partners. "Together with Onyx, we developed a capital improvement plan to remake this as a trophy boutique office building to match its trophy location."

"30 Montgomery's location is particularly attractive based on the rapidly transforming Hudson Waterfront submarket, which is benefiting from strong population growth, sustained residential development, expanding cultural/entertainment/retail amenities and a diversification of the local employment base," Kirk Helgeson, American Realty Advisor's chief investment officer, said in a prepared statement.

The 16-story boutique office tower located in the Hudson Waterfront submarket of Jersey City was originally constructed in 1973, and was among the first office towers ever to be built along the waterfront. 30 Montgomery is convenient to the Exchange Place PATH Station and overlooking Manhattan, was 72% leased to 46 tenants at the time of sale, including the Jersey City Department of Housing, Economic Development & Commerce (HEDC).

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