{"id":1004643072,"date":"2023-02-02T06:55:19","date_gmt":"2023-02-02T14:55:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004643072"},"modified":"2023-02-02T06:55:21","modified_gmt":"2023-02-02T14:55:21","slug":"manulife-inks-2-new-leases-at-new-jersey-office-building","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manulife-inks-2-new-leases-at-new-jersey-office-building\/","title":{"rendered":"Manulife Inks 2 New Leases at New Jersey Office Building"},"content":{"rendered":"<div id=\"attachment_1004643074\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/10-Exchange-Place.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004643074\" data-attachment-id=\"1004643074\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/manulife-inks-2-new-leases-at-new-jersey-office-building\/10-exchange-place\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/10-Exchange-Place.jpg\" data-orig-size=\"700,525\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;11&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark III&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1596066246&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;21&quot;,&quot;iso&quot;:&quot;320&quot;,&quot;shutter_speed&quot;:&quot;0.005&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"10 Exchange Place\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;10 Exchange Place. Image courtesy of Cushman &#038; Wakefield&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/10-Exchange-Place.jpg?w=700\" class=\"wp-image-1004643074 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/10-Exchange-Place.jpg?w=300\" alt=\"Office tower in Jersey City\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/10-Exchange-Place.jpg 700w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/10-Exchange-Place.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004643074\" class=\"wp-caption-text\">10 Exchange Place. Image courtesy of Cushman &amp; Wakefield<\/p><\/div>\n<p><strong>Manulife US REIT <\/strong>has signed two new leases totaling 35,240 square feet at 10 Exchange Place, a 740,354-square-foot office tower in Jersey City, N.J. <strong>Cushman &amp; Wakefield <\/strong>brokered the lease agreement on behalf of the landlord, while <strong>Savills <\/strong>and <strong>JLL<\/strong> represented the tenants, <strong>EXL <\/strong>and <strong>Fortitude<\/strong>.<\/p>\n<p>Business management consultant firm EXL renewed its 17,712-square-foot lease on the 22nd floor of the building, while insurance company Fortitude signed a lease to occupy 17,528 square feet on the same floor. Kuehne + Nagel, Chubb Limited, Chain IQ and Royal Alliance are among the other tenants at the property, managed by <strong>Manulife Investment Management<\/strong>.<\/p>\n<hr \/>\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/how-deals-will-fare-in-2023-pwc\/\">How Deals Will Fare in 2023<\/a><\/p>\n<hr \/>\n<p>Originally completed in 1989, 10 Exchange Place underwent cosmetic renovations in 2015, according to CommercialEdge. The same data provider reveals that the Class A property also features 10,000 square feet of retail. The 30-story office building boasts a revamped lobby, a parking garage with bike storage along with on-site food and beverage options.<\/p>\n<h2>Flight to quality<\/h2>\n<p>The office building is close to the Hudson River <a href=\"https:\/\/www.commercialsearch.com\/news\/how-walkabilty-impacts-cre-markets\/\">walkway<\/a> and Harborside Center, which offers an array of shopping, dining, and entertainment options. 10 Exchange Place is also situated near the Exchange Place NJ Path train station and is easily accessible via the Hudson-Bergen Light Rail, NJ Transit and NY Waterway ferry.<\/p>\n<p>According to a Northern New Jersey office report by Cushman &amp; Wakefield, Northern New Jersey&#8217;s office leasing market ended 2022 on a high note, with 1.2 million square feet of new commitments signed during the fourth quarter, marking a 23.2 percent increase from the previous quarter. The <a href=\"https:\/\/www.commercialsearch.com\/news\/flight-to-quality-phenomenon-continues-to-play-out\/\">flight-to-quality trend<\/a> accelerated in 2022, with Class A office properties accounting for 67.4 percent of the total leasing activity, up 60.3 percent from the previous year.<\/p>\n<p>Cushman &amp; Wakefield\u2019s Executive Director David DeMatteis, Managing Director Nicholas Dysenchuk and Executive Vice Chair Robert Lowe represented the landlord in the lease signing. Corporate Managing Director Scott Bogetti and Assistant Director Meghan Marchini of Savills brokered the deal on behalf of EXL, while Managing Directors Michael Shenot and Dan Spero, along with Vice President Andrew Coe of JLL represented Fortitude in the agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Class A office leasing in Northern New Jersey registered a 60.3 percent increase in 2022.<\/p>\n","protected":false},"author":3030,"featured_media":1004643074,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[32799,32796,48182,34107],"class_list":["post-1004643072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-cushman-wakefield","tag-jll","tag-manulife-financial-corporation","tag-savills"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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