Jones Lang LaSalle


UPDATE: Knightsbridge is 26 Journal Square’s Buyer
By Eric Peterson
Last updated: April 21, 2006 08:59am

JERSEY CITY-When it was reported at the end of March that the 100,000-sf 26 Journal Square office building had been sold for $15 million by Blumberg & Freilich Equities, the buyer was identified only as "a New York investor." Now, that buyer has been revealed as Knightsbridge Properties, a Manhasset, NY-based company better known for its healthcare-related holdings on Long Island and in Manhattan. The acquisition is Knightsbridge’s first in the Garden State.

"Knightsbridge is looking to expand its portfolio with mid- to upper-level properties in New Jersey," says Jose Cruz of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, who was part of the firm’s team that arranged the deal. "26 Journal Square represented a good opportunity for them to gain a foothold in the area." The firm did not respond to a request for comment by deadline.

Built in 1927 and also known as the Labor Bank Building, 26 Journal Square was acquired by Blumberg & Freilich for $2.8 million in 1998 and subsequently renovated at a cost of $4 million. 100% leased at the time of sale, the building now has a block of 6,773 sf of space available. Its current tenants include a mix of law, healthcare staffing and financial services firms.