"Knightsbridge is looking to expand its portfolio with mid- to upper-level properties in New Jersey," says Jose Cruz of Cushman & Wakefield's Metropolitan Area Capital Markets Group, who was part of the firm's team that arranged the deal. "26 Journal Square represented a good opportunity for them to gain a foothold in the area." The firm did not respond to a request for comment by deadline.
Built in 1927 and also known as the Labor Bank Building, 26 Journal Square was acquired by Blumberg & Freilich for $2.8 million in 1998 and subsequently renovated at a cost of $4 million. 100% leased at the time of sale, the building now has a block of 6,773 sf of space available. Its current tenants include a mix of law, healthcare staffing and financial services firms.
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