Global commercial real estate advisory firm Newmark is pleased to announce that it has been retained to lease and market 2 Journal Square in Jersey City, NJ. A Newmark team of Executive Managing Director Jeff Schotz, Senior Managing Director Hope Brodsky and Associate Director Dan Reider is representing GAIA Real Estate, the landlord.
The iconic nine-floor 300,000-square-foot office building is the only Class A office property in Journal Square. Conveniently adjacent to the Journal Square PATH station, the property offers direct access to both New York City and Newark, NJ. The building also has over 700 parking spaces, accommodating commuters from the Holland and Lincoln Tunnels, as well as the nearby New Jersey Turnpike.
Built in 1987, 2 Journal Square is currently undergoing significant capital improvements including common area renovations, as well as new tenant amenities including conference rooms and fitness facilities. Additionally, 30,000 square feet at the ground level will be made available for retail shops and restaurants, offering new spaces for tenants and their guests to shop and eat. Several residential properties are also under development and planned for the surrounding area, making Journal Square an emerging neighborhood for businesses that desire a 24/7 community feel.
“We’re excited to work with GAIA to transform an already iconic office building into a space that will revitalize the surrounding community,” said Schotz. “Upon completion of the common area, it will stand as the best office building in the Journal Square area of Jersey City, with the ability to provide a superior work environment and great access to public transportation.”
“It is important that our projects create a work-play-live environment in Journal Square, which is why GAIA is investing $11 million for a total building upgrade. The improvements will encompass new lobbies, destination-dispatch elevators and amenity spaces,” said Danny Fishman, co-founder and CEO of GAIA Real Estate. The enhanced property with the convenience of a major transportation hub will invite new businesses and residents to an increasingly attractive Jersey City community.”
Newmark RKF is handling the leasing of the available retail space. BurgerIM is the first announced tenant.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.