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JERSEY CITY-Franklin Credit Management Corp. is consolidating its operations and moving its headquarters across the Hudson River from Lower Manhattan to 101 Hudson St. here. The specialty consumer finance company has subleased a total of 40,722 sf in the 1.25-million-sf tower. Lehman Brothers is the sublessor.

Franklin Credit has subleased the entire 25th floor of the tower, totaling 33,866 sf. The remaining space involves a long-term lease for 6,856 sf on the 37th floor and a back-end lease extension of the sublease directly with the building’s owner, Mack-Cali Realty of Cranford. Mack-Cali bought the building early this year from a partnership led by LCOR for a reported $329 million.

Edward Duenas, a senior director with Cushman & Wakefield of NJ, East Rutherford, represented Franklin Credit in the multiple transactions, including buyouts of the company’s Manhattan office leases. Gil Medina, C&W’s executive managing director in New Jersey, secured an incentive package from the State of New Jersey.

“Franklin Credit brought 150 jobs to the state,” Duenas says. “The initial site search involved Downtown Manhattan, but the incentives and the rental rates available in New Jersey drew my client across the Hudson.”

Terms of the leases were not disclosed. Available direct space in the building is listed on Mack-Cali’s website as “negotiable.” Franklin Credit will use the space for a combination of executive and administrative offices and a new call center, according to the firm’s president and CEO, Jeffrey R. Johnson.

Franklin Credit specializes in the acquisition, servicing and resolution of performing, re-performing and non-performing residential mortgage loans. And through its wholly owned subsidiary, Tribeca Lending Corp., the company also originates non-prime mortgage loans for its portfolio and for sale into the secondary market.

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