Chambers Street Signs 159 KSF Office Lease at Jersey City’s 90 Hudson
- Dec 03, 2014
Chambers Street Properties has signed new tenant Charles Komar & Sons to 159,141 square feet at 90 Hudson St., a 12-story office tower in Jersey City.
The 17-year lease increases the property’s total occupancy from 63 percent to 100 percent, according to a news release. The tenant is a global retail provider that specializes in the design, marketing, sourcing and distribution of sleepwear and other retail clothing.
“The longevity of the company having been in business since 1908 and their desire for a long term lease at 90 Hudson were both considerable factors for us,” Philip Kianka, executive vice president & COO, Chambers Street told Commercial Property Executive. “As part of an extremely active year in our leasing efforts, today’s announcement brings total 2014 leasing volume above 3.2 million square feet,” he added in Tuesday’s news release.
The Class A office property is located on the Hudson River waterfront directly across from Downtown Manhattan. The building has open views of the river and the Manhattan skyline and is serviced by a variety of public transportation including the PATH train and ferry service.
Chambers Street Properties is a real estate investment trust that buys, owns and operates net leased industrial and office properties . The company’s $3.4 billion portfolio comprises 129 properties, encompassing 36.3 million rentable square feet.
According to a Marcus & Millichap Thrid Quarter 2014 Northern NJ report, as office rents in Manhattan surge, companies are choosing to relocate to more affordable options, such as Jersey City. Recovery in the Northern New Jersey office market is predominantly centered on the Hudson Waterfront. As vacancy decreases, office property owners have lifted asking rents 2.3 percent this year to $25.15 per square foot. Asking rents remain 5.7 percent below the pre-recession peak.