Columbia Property Trust Renews Lease at Jersey Office Tower
The REIT has renewed its 400,000 square-foot-lease with Perishing, LLC, a subsidiary of The Bank of New York Mellon, at 95 Columbus in Jersey City.
NEW YORK CITY – Columbia Property Trust, Inc. a real estate investment trust headquartered in New York, has renewed its 400,000 square-foot-lease with Perishing, LLC, a subsidiary of The Bank of New York Mellon, at 95 Columbus in Jersey City.
In 2020, the 630,000-square-foot, Class-A office tower will undergo renovations to its lobby and common area to align with the growing Jersey City submarket, which has seen a number of amenity offerings come online along the Grove Street corridor. Columbia will execute on the enhancements to capitalize on the property convenient connection to Manhattan. The Class A property is the only building in the submarket with a direct connection to Midtown and Downtown Manhattan.
“Our relationship with Pershing is one of the longest and most well established in our portfolio, and we are very pleased that they have extended their long-term commitment at 95 Columbus,” said Nelson Mills, CEO of Columbia, in a prepared statement. “Building upon our strong track record of successful repositioning projects in the New York area, we will ensure that this stalwart tower remains among the best office properties in Jersey City, well-equipped to support ongoing leasing at attractive rates.”
Columbia Property Trust has been busy in the New York City market, recently acquiring 250 Church St., a 16-story, 237,000-square-foot office building located in the Tribeca submarket, for $205 million. Avison Young arranged the transaction, GlobeSt.com recently reported.
The vacant office property will undergo renovations to capitalize on its location and size to turn into a Class-A boutique office building. Most recently the property was occupied by the NYC Department of Human Resources.