Colliers International has arranged a long-term, 19,225 s/f lease for Federal Farm Credit Banks Funding Corporation at 101 Hudson Street in Jersey City.
The federally chartered organization, which provides financing for the U.S. agricultural community through the Farm Credit System, will relocate from their current location at 10 Exchange Place to occupy part of the 35th floor at the Class A, 1.2 million square foot office building in the fourth quarter of 2015.
“This model ‘corporate citizen’ was highly sought-after by landlords in the marketplace,”said Robert Goodman, Executive Managing Director at Colliers International, who along with Executive Managing Director Richard Mirliss represented the tenant in the transaction.
“The organization was focused on securing a space that would make a statement to its clients, guests, and national financial institutions.
“In addition, Federal Farm wanted to more effectively integrate upgraded technology into its day-to-day operations.”
“The layout of their new space will allow the organization to have a much more collaborative work environment and better workplace strategy. A confluence of factors, including the building’s infrastructure, excellent floor plates, and backup generators, made 101 Hudson Street the front-runner for their relocation during the ongoing market search.”
Goodman added that after crossing the Hudson River to Jersey City from Lower Manhattan 25 years ago, further committing to the neighborhood provides the best value play for the organization and is the most logistical option based on its close proximity to other financial institutions and its role in preserving their visible ties to the Wall Street community.
“The flow of tenant activity in Jersey City and Hoboken has increasingly been based on the Grow New Jersey Incentive Program, and absorption in this submarket is the best in New Jersey,” said Mirlee.
“In addition to the program, the convenient transportation options, residential development, and ease of retaining New York-based employees all add to the logic of recommitting and relocating here,” said Mirliss.
Aaron Ellison, of Jones Lang LaSalle, represented ownership, Mack-Cali Realty Corporation, in the transaction.
This transaction follows on a wave of major leasing along the Gold Coast for tenants including Charles Komar & Sons, Pearson Education, New York Life, and JPMorgan Chase Bank and RBC Capital Markets, among others.
The property at 101 Hudson Street features an art-deco granite and columned lobby, landscaped courtyard, five-story parking garage with 900 parking spaces, life safety systems, and emergency generators.