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| 30 Montgomery Street Office Tower, Hudson Waterfront, Metro New York City |
Jersey City, NJ, July 7,
2016 – American Realty Advisors has acquired a 16-story boutique office tower located in
the Hudson Waterfront 30 Montgomery
Street,submarket of the New York City Metro area for $101 million.
The 315,385 square-foot
building, which is ideally situated on the New Jersey Hudson Waterfront within
one block of a major mass transit hub, was substantially upgraded and renovated
over the last several years.
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| Kirk Helgeson |
American was attracted to
the asset because of the direct transportation link to Manhattan, as well as
access to new and growing amenities.
In addition, 30 Montgomery will benefit from
its position as a lower rent alternative in an emerging 18-hour live/work/play
location, which is similar to other emerging markets throughout the country,
e.g. the Chicago Fulton Marketplace in which American recently acquired
Google’s Midwest headquarters.
According to Kirk Helgeson, American’s Chief
Investment Officer, “30 Montgomery’s location is particularly attractive based
on the rapidly transforming Hudson Waterfront submarket, which is benefitting
from strong population growth, sustained residential development, expanding
cultural/entertainment/retail amenities, and a diversification of the local
employment base.”
Helgeson also notes that
this asset is ideally situated to benefit from one of America’s fastest growing
residential markets.
“Jersey City is projected
to add nearly 7,500 units by the end of 2017, driving additional economic
growth associated with the new residents, service providers, retail, and
amenities necessary to support a thriving 24/7 CBD,” says Helgeson.
The seller was represented
by David Bernhaut, Andrew Merin, and
Gary Gabriel of Cushman & Wakefield.
For a complete copy of the company’s news release,
please contact:
Devin Ugland / Jenn Quader
for American Realty Advisors
Brower, Miller & Cole
(949) 955-7940,
