Jones Lang LaSalle


American Financial Completes $23M Sublease in Jersey City
February 21, 2006
By Elena Gontar, Staff Writer

American Financial Realty Trust has executed a 15-year, 70,000 square-foot sublease with Citco Fund Services, at Harborside Plaza 10 in Jersey City, N.J. The total dollar amount of the lease was $23 million. CB Richard Ellis represented Citco Fund, while American Financial worked with Jones Lang LaSalle's brokerage team.

"It was incredibly easy to put the lease together," Michael Weil, vice president of sales & leasing at American Financial Realty Trust, told CPN today. He added that Citco was very clear on where it wanted the office location to be and was very committed to the process. "Everybody was just very committed to getting it done very quickly," he noted, "which is what we did."

Situated on Second Street along the Hudson River waterfront in Jersey City, 20 minutes away from Newark International Airport, Harborside Plaza 10 (pictured) is a 19-story tower that features 594,000 square feet of Class A office space. "Plaza 10 is a state-of-the-art, very new Class A building in the Jersey City market, which was developed for back office and financial institution occupancy," Weil said.

Jersey City is becoming a very popular location among financial service companies. "It's kind of the natural development of the market," Weil pointed out, "and our commitment to the financial institutions and the quality of the building makes it a natural fit."

Citco, which maintains 14 offices worldwide and chose Plaza 10 for its hedge fund services division, is expected to move into its new location in June, and will occupy 70,000 square feet of space on the sixth and seventh floors. Approximately 145,000 square feet of office space will be rented out to multiple parties. American Financial Realty Trust has proposals on the street for the remaining vacancy, although Weil wouldn't specify what they are.