The KABR Group and Kushner Cos. are teaming together once again in Jersey City, this time acquiring a 100,000-square-foot commercial complex in the city’s Powerhouse Arts District.In a news release Monday, the firms said they plan to reposition the property at 124-134 Bay St. known as Warren at Bay. It currently consists of art gallery tenants, but the developers are marketing the site to other users.
Terms were not disclosed.
“We are thrilled with the reaction from tenants looking for a very special retail and office that goes beyond cookie-cutter space and is so close to the many destinations desired by today’s discerning consumer,” Adam Altman, managing member of The KABR Group, said in a prepared statement.
The repositioned property will feature work environments designed for technology, advertising, media and information technology tenants, the news release said. Those who lease the space will come to a neighborhood that is near the city’s Grove Street PATH station and rich in other retail amenities.
“With its convenient access to Manhattan and vibrant mix of shops and restaurants, top national retailers and innovative new companies are looking toward Jersey City as a place to do business,” said Jared Kushner, CEO of Kushner Cos. “We’re excited to expand our Jersey City portfolio with this iconic space.”
The property is the site of the former A&P auxiliary warehouse built in 1914 and 1915, the news release said. Kushner and KABR said their new design “will honor the context of the community and will preserve the charm of the neighborhood’s history.”
Along with Warren at Bay, the firms are partnering in the development of nearby Trump Bay Street, a 50-story luxury residential tower alongside an existing tower that has long been known as Trump Plaza. They also plan to work together to build a mixed-use development in Jersey City’s Journal Square section that will be anchored by 56-story residential tower.