10 Change Place. Picture courtesy of Cushman & Wakefield
Manulife US REIT has signed two new leases totaling 35,240 sq. toes at 10 Change Place, a 740,354-square-foot workplace tower in Jersey Metropolis, N.J. Cushman & Wakefield brokered the lease settlement on behalf of the owner, whereas Savills and JLL represented the tenants, EXL and Fortitude.
Enterprise administration marketing consultant agency EXL renewed its 17,712-square-foot lease on the twenty second ground of the constructing, whereas insurance coverage firm Fortitude signed a lease to occupy 17,528 sq. toes on the identical ground. Kuehne + Nagel, Chubb Restricted, Chain IQ and Royal Alliance are among the many different tenants on the property, managed by Manulife Funding Administration.
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Initially accomplished in 1989, 10 Change Place underwent beauty renovations in 2015, based on CommercialEdge. The identical knowledge supplier reveals that the Class A property additionally options 10,000 sq. toes of retail. The 30-story workplace constructing boasts a revamped foyer, a parking storage with bike storage together with on-site meals and beverage choices.
Flight to high quality
The workplace constructing is near the Hudson River walkway and Harborside Middle, which affords an array of procuring, eating, and leisure choices. 10 Change Place can also be located close to the Change Place NJ Path practice station and is well accessible through the Hudson-Bergen Mild Rail, NJ Transit and NY Waterway ferry.
In accordance with a Northern New Jersey workplace report by Cushman & Wakefield, Northern New Jersey’s workplace leasing market ended 2022 on a excessive word, with 1.2 million sq. toes of latest commitments signed through the fourth quarter, marking a 23.2 % improve from the earlier quarter. The flight-to-quality development accelerated in 2022, with Class A workplace properties accounting for 67.4 % of the entire leasing exercise, up 60.3 % from the earlier 12 months.
Cushman & Wakefield’s Government Director David DeMatteis, Managing Director Nicholas Dysenchuk and Government Vice Chair Robert Lowe represented the owner within the lease signing. Company Managing Director Scott Bogetti and Assistant Director Meghan Marchini of Savills brokered the deal on behalf of EXL, whereas Managing Administrators Michael Shenot and Dan Spero, together with Vice President Andrew Coe of JLL represented Fortitude within the settlement.
