Improved And Leased-Up 30 Montgomery In Jersey Sells For $101M
Yesterday, Rubenstein Partners and partner Onyx Equities announced the sale of 30 Montgomery St in Jersey City. The 15-story, 320k SF office, a block away from the waterfront and the Exchange Place PATH station, recently completed a $20M capital improvement plan started by Rubenstein and Onyx in 2014.
30 Montgomery was built in the 1970s and was one of the first towers along the Jersey City waterfront, but it had not been upgraded since construction.
Onyx and Rubenstein invested $5M to replace the exterior windows, improve energy efficiency by modernizing the building’s HVAC systems, and both modernize and refurbish the building's façade. The streetscape was also improved and the building’s lobby (pictured) was redesigned to create a two-story entrance.
Other improvements include the addition of a new, state-of-the-art conference center, renovations to the building’s elevator landings and restrooms, and the expansion and reconfiguration of the ground-floor rental space. The total plan is one of the most extensive New Jersey office building upgrade in decades, according to a press release.
Rubenstein Partners Mid-Atlantic regional director Stephen Card says the firm could see momentum building in the commercial and residential real estate market in Jersey City.
The improved building was marketed by Cushman & Wakefield, which also repped the owners in the sale. Between the acquisition and sale of the property, Rubenstein, Onyx and leasing agent Cushman & Wakefield were able to complete over 80k SF of lease transactions, including new leases, renewals and expansions.