Hedge fund manager leases 70,000 s/f at Jersey City's Harborside Plaza.

American Financial Realty Trust announced completion of a 15-year, 70,000 s/f lease with Citco Fund Services, a global leader in hedge fund administration, at Harborside Plaza 10, a Class-A office property located on the waterfront in Jersey City.

The deal eliminates a significant vacancy from the company's portfolio, and the company further reports that the balance of its space at Harborside Plaza 10, aggregating approximately 145,000 s/f, is under negotiation with multiple parties.

Citco Fund Services selected Plaza 10 to accommodate the rapid growth of its Hedge Fund Services Division.

The company maintains 14 offices worldwide and is the leading supplier of custodial and administrative services for the alternative investment fund industry.

Citco was recently ranked by Hedge Fund Manager as the fastest-growing hedge fund administrator in the United States.

As part of the deal, the company will occupy 70,000 s/f of contiguous space on the 6th and 7th floors, where it will employ a staff of 350 people. Occupancy is expected for June 2006.

"We are seeing a resurgence of interest in the Jersey City Waterfront," said Michael Weil, vice president of sales and leasing at American Financial Realty.

"We are witnessing a high volume and diverse mix of financial services companies approaching us looking for high-end space with new technology.

"The benefits of tax incentives, more affordable rents per square foot compared to New York City as well as a skilled labor force and convenient access to Manhattan, are making Jersey City the location of choice for technology and financial service companies."

The 19-story tower, designed by HLW International LLP, features 594,000 s/f of Class-A office space. The building's high-tech features include two self-contained 1,500 kilowatt generators providing 24/7 redundant power supply and state-of-the-art redundant fiber optic communications along with efficient floor plates ideal for use by financial service businesses.

American Financial Realty's brokerage team was led by Frank Doyle of Jones Lang LaSalle and including Cynthia Wasserberger, John Meisel, Tom Reilly, Sam Buckley, and Jay Lapham, handled the leasing of the asset for American Financial Realty Trust.

Citco Fund Services was represented by a team from CB Richard Ellis, led by Kenneth D. Rapp and including Ramsey M. Feher, Scott A. Wilpon, Jon Herman, and Richard Nocom.