Cushman & Wakefield Arranges 36,000-Square-Foot Sublease at 10 Exchange Place
JERSEY CITY, N.J., July 23, 2013 – Commercial real estate services firm Cushman & Wakefield, Inc. has completed a 36,000-square-foot, full-floor sublease from Rabobank to Bayonne Medical Center at 10 Exchange Place, on Jersey City’s Hudson River waterfront.
Dan Johnsen, Robert Rudin, Michael Burgio, Daniel Organ, Robert Gastel and Franklin Speyer at Cushman & Wakefield represented Rabobank. Jaime Weiss and Matthew Weiss of Moonachie, N.J.-based Weiss Realty represented Bayonne Medical Center, which will utilize the space for administrative functions.
“We marketed the sublease on behalf of Rabobank, and we are pleased that Bayonne Medical Center has agreed to a long-term sublease for the entire 15th floor of this premier property,” said Johnsen. “This transaction will allow BMC to continue its rapid growth.” Johnsen noted that they continue to market a second long-term sublease on behalf of Rabobank in the same property, where 32,000 sf. on most of the 16th floor remains available.
“BMC required access to public transportation, on-site parking and 24/7 access, and after an extensive survey of available space, 10 Exchange Place met all of those requirements and more,” said Jaime Weiss. “Public transportation is literally right at the door—indeed, the light rail actually connects directly with BMC’s headquarters in Bayonne. There is also banking and food service within the building and immediate vicinity.
“Another important factor was that Rabobank left all of the furniture and fixtures intact when it transferred its New Jersey employees to the bank’s New York City office last year,” said Weiss. “BMC was willing to take possession and pay rent now—it was a tremendous advantage to walk into the space and just sit down and hook up laptops into existing construction. That was a motivating factor.”
“With everyone’s cooperation, we were able to complete the largest leasing transaction on the Hudson waterfront in the second quarter,” said Johnsen. “While velocity has been somewhat sluggish, the fact that we were able to capture this full-floor deal definitely sends a positive message for the market.”