Cushman & Wakefield Arranges $285M Sale of Jersey City’s 10 Exchange Place

Cushman & Wakefield has orchestrated the sale of 10 Exchange Place, a 748,005-sq.-ft., 30-story trophy office tower on Jersey City’s Hudson River waterfront.

The buyer was Manulife Real Estate, the global real estate arm of Canada-based Manulife Financial Corp., a life insurance company and parent company of John Hancock Financial. The Cushman & Wakefield Metropolitan Area Capital Markets Group’s team of Andrew J. Merin, David W. Bernhaut, Gary Gabriel, Brian J. Whitmer and Kyle B. Schmidt represented the seller, a client of INVESCO, in the transaction.

Completed in 1988, the building is LEED-Gold- and Energy Star-certified and is 100 percent leased. The tenant roster at 10 Exchange Place includes ACE Insurance, Daikin McQuay, Kuehne + Nagel, Rabobank, Bank of America, Goldman Sachs and

“Jersey City, with its location and connectivity to lower Manhattan, functions as New York City’s ‘sixth borough’ in terms of value and velocity in the office market,” Andrew Merin, the CMG team’s vice chairman, said in a statement. “We continue to see an appetite by investors for large, well-located premier assets in this submarket."

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