X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

JERSEY CITY-DataPipe, a global provider of managed hosting services, has subleased 21,000 sf from Aegis Insurance Services at 10 Exchange Pl. here. For DataPipe, the deal has meant a headquarters move and expansion from nearby Hoboken to the 30-story, 700,000-sf building. Constructed in 1988, 10 Exchange Pl. is owned by Invesco Real Estate Germany.

DataPipe, which has six data centers and eight office locations around the world, was represented in the transaction by Leonard Miller and Marc Graham of Cushman & Wakefield; Philip Lipper of Studley brokered the transaction on behalf of Aegis. Terms were not released.

Direct availabilities in the class A building are currently listed with asking prices in the $38 to 40 per sf range. “Moving our headquarters to a waterfront building like 10 Exchange Pl. puts us in the company of some of the largest corporations on the globe,” says Robb Allen, DataPipe’s CEO.

According to C&W’s Miller, the multi-year deal “was completed in a restricted time frame. From the initial tour to move-in, this deal was consummated in less than two months. It was the classic ‘right time, right place’ situation,” he says. “DataPipe was prepared to move quickly, and this opportunity provided great economics. The space came complete with furniture and gym space.”

Miller adds that “Aegis was focused on executing a deal in order to minimize the downtime of its surplus space. It was a terrific deal all around.”

For Aegis, the space became surplus in late 2005 when the company, which provides insurance services to the utility industry, made its own headquarters expansion/relocation from here to East Rutherford. The company eventually completed the move, which involved 200 employees and a 20,000-sf expansion to a total of 93,000 sf at One Meadowlands Plaza, a little more than a year ago.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.