Merrill Lynch Renews Full-Building 300,000 SF Lease at SJP Properties’ 95 Greene Street in Jersey City, N.J.
By Mel Fabrikant Tuesday, May 24, 2011, 04:10 PM EDT
Financial Powerhouse Maintains Commitment to ‘Wall Street West’ Locale
SJP Properties, one of the New York Metropolitan Area’s most active real estate development companies, announced today that Merrill Lynch, a division of Bank of America, has signed a 300,000-square-foot lease renewal for the entirety of 95 Greene Street in Jersey City, N.J.
The eight-story Class A office building, for which SJP Properties is currently pursuing Leadership in Energy and Environmental Design (LEED) certification for Existing Buildings, is located along the Jersey City waterfront in an area dubbed “Wall Street West” for the high preponderance of high-caliber financial firms located in the neighborhood. The site is adjacent to another Merrill Lynch office at 101 Hudson Street. The firm’s lease at 95 Greene Street is the single largest office lease the company has on the New Jersey waterfront.
“The long-term renewal by a major financial institution at 95 Greene Street validates SJP’s original vision for the transformation of this site into a world-class office environment,” said Steven J. Pozycki, CEO of SJP Properties. “Jersey City is not just a location that is desirable for its proximity to New York City; it is a sought-out destination. We are pleased that Merrill Lynch has chosen to remain at 95 Greene and look forward to continuing our relationship with the firm for many years to come."
The Hudson waterfront market currently has a vacancy rate of 9 percent - its lowest vacancy rate in three years. Merrill Lynch’s renewal at 95 Greene Street is a testament to the desirability of the waterfront market, as well as the integral role that financial services firms have played in contributing to its strength.
In 1999, SJP Properties purchased the property at 95 Greene Street – formerly a toothpaste factory – from Colgate-Palmolive, and transformed it into Class A office space in just 10 months. SJP stripped the building to its concrete structure, repositioning the building’s core and installing mechanical, electrical and fire protection systems, which were not previously located within the building. The basement was converted into parking for more than 130 vehicles.
Prior to the project’s completion, Merrill Lynch signed a lease for the entire building.
Located two blocks from the Exchange Place Path Station, 95 Greene Street is also within steps of both the Hudson Light Rail and the NY Waterway ferry.
SJP and Merrill Lynch have a long-standing relationship, with the firm occupying space at other SJP-developed properties, including The Commons in Princeton, N.J. and Somerset Corporate Center I in Bridgewater, N.J.