News Release: Cushman & Wakefield Arranges 36,000 Square-Foot Sublease at 10 Exchange Place

10 Exchange Place

10 Exchange Place

CarePoint Health  will Occupy Full Floor at Premiere Waterfront Property

JERSEY CITY, N.J., July 23, 2013 – Commercial real estate services firm Cushman & Wakefield, Inc. has completed a 36,000-square-foot, full-floor sublease from Rabobank to CarePoint Health at 10 Exchange Place, on Jersey City’s Hudson River waterfront.

Dan Johnsen, Robert Rudin, Michael Burgio, Daniel Organ, Robert Gastel and Franklin Speyer at Cushman & Wakefield represented Rabobank. Jaime Weiss and Matthew Weiss of Moonachie, N.J.-based Weiss Realty represented CarePoint Health, which will utilize the space for administrative functions.

“We marketed the sublease on behalf of Rabobank, and we are pleased that CarePoint Health has agreed to a long-term sublease for the entire 15th floor of this premier property,” said Johnsen. “This transaction will allow CarePoint Health  to continue its rapid growth.” Johnsen noted that they continue to market a second long-term sublease on behalf of Rabobank in the same property, where 32,000 square feet on most of the 16th floor remains available.

“CarePoint Health  required access to public transportation, on-site parking and 24/7 access, and after an extensive survey of available space, 10 Exchange Place met all of those requirements and more,” said Jaime Weiss. “Public transportation is literally right at the door—indeed, the light rail actually connects directly with CarePoint Health ’s headquarters in Bayonne. There is also banking and food service within the building and immediate vicinity.

“Another important factor was that Rabobank left all of the furniture and fixtures intact when it transferred its New Jersey employees to the bank’s New York City office last year,” said Weiss. “CarePoint Health  was willing to take possession and pay rent now—it was a tremendous advantage to walk into the space and just sit down and hook up laptops into existing construction. That was a motivating factor.”

“With everyone’s cooperation, we were able to complete the largest leasing transaction on the Hudson waterfront in the second quarter,” said Johnsen. “While velocity has been somewhat sluggish, the fact that we were able to capture this full-floor deal definitely sends a positive message for the market.”

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