Listen to this article

Real Capital Solutions, in partnership with Lamar Cos., has acquired 30 Montgomery, marking the buyer’s entry to the Jersey City office market.

Announced by RCS April 23, the purchase of the 16-story Class A tower also represents the second in the office sector completed with Madison-based Lamar Cos. in the past seven months, RCS said.

Financial terms were not disclosed. However, RCS noted the acquisition marks its 12th overall this cycle, with more than $560 million deployed throughout.

In Jersey City, the 368,049-square-foot building sits along the fast-growing and well-connected Hudson Waterfront. The deal reinforces RCS’s strategy to invest in office assets at a reset basis.

“This is exactly where we want to be investing right now,” said Adam Abeln, chief acquisitions officer, Real Capital Solutions. “Assets like 30 Montgomery are being repriced due to capital markets, not fundamentals. That creates an opportunity to step in at a basis where execution drives returns.”

Room to grow

The property is 61% leased, according to the buyer. Tenants include Bluevine Capital, Wayste (Sourgum), Asset Based Lending, Outcomes Matter Innovations and Dresdner Robin. 30 Montgomery recently received over $30 million in capital improvements, according to RCS. Upgrades include work on the lobby, facade, building systems and common areas. Onsite amenities include a parking garage, new conference center and ground-level retail space.

RCS highlighted the space’s flexible floor plates and small suite configurations, noting they align with trends in tenant demand.

Lamar Cos. Executive Vice President Frank Maresca said 30 Montgomery sits “squarely within our focus on well-located assets with near-term leasing upside.

“With the capital already invested and the right execution plan, we see a clear path to creating value.”

An RCS spokesperson told NJBIZ Cushman & Wakefield will handle leasing for the property. C&W said leasing agents David DeMatteis and Mina Shehata participated in initial marketing efforts and will continue to serve as the exclusive agents for the property.

That firm also helped closed the deal, according to an April 23 LinkedIn post from CushWake Executive Managing Director Frank DiTommaso II.

A Cushman & Wakefield Investment Sales team including DiTommaso, Executive Vice Chair David Bernhaut and Senior Financial Analyst Bill Baunach brokered the transaction.

“30 Montgomery represents one of the most significant office trades along the Hudson Waterfront in recent years,” Bernhaut said. “With immediate proximity to the Exchange Place PATH station, the building offers unmatched access to Midtown Manhattan and the broader New York City area,” he said, also noting the property’s flexible floorplates.

Based in Colorado, Real Capital Solutions has purchased and managed more than 400 real assets totaling approximately $5.1 billion in acquisition value over its 40 years. The company owns 80 properties with more than $2.7 billion in assets under management.

RCS’s portfolio includes three other New Jersey properties, according to the company’s website:

• The 123,987-square-foot Village at Cambridge Crossing retail center in Mount Laurel
• Mountain Ridge at Montville, a 218,341-square-foot office building
• 160,000-square-foot office Liberty Hall in Union

In 2016, American Realty Capital purchased 30 Montgomery from a joint venture of Onyx Equities LLC and Rubenstein Partners for $101 million.