325,000 SF OFFICE TOWER IN JERSEY CITY SELLS FOR $78M

JERSEY CITY, N.J. — Gaia Real Estate Investments, in partnership with Israel-based Phoenix Insurance and Menora Mivtachim Insurance, has purchased 2 Journal Square Plaza, a nine-story, 325,000-square-foot Class A office building in Jersey City for $78 million. Hartz Mountain Industries, represented by Cushman & Wakefield’s David Bernhaut, Andrew Merin, Gary Gabriel and Jared Zimmel, sold the property, which features a four-level parking deck with 715 spaces. The building had been fully leased to Broadridge Financial Solutions since 1987, and Broadridge’s lease doesn’t expire until 2018. Gaia’s subsidiary, Vision Property Management, will assume management of 2 Journal Square Plaza.