Rockwood Realty brokers sale of International Financial Tower.

Acting on behalf of New Jersey-based REIT Mack-Cali Realty Corporation, New York-based Rockwood Realty Associates, LLC has arranged the $152.5 million sale of International Financial Tower at 95 Christopher Columbus Drive, a 622,000 square-foot 18-story Class-A office building situated on a 1.9-acre site on the New Jersey waterfront.

The buyer is a joint venture between CommerzLeasing und Immobilien GrnbH, headquartered in Dusseldorf, Germany, and Germania of America Inc., headquartered in Atlanta, Georgia.

"Not surprisingly, there were many interested bidders in this property, eager to gain a foothold in the burgeoning Jersey City commercial real estate marketplace," said Daniel McNulty, president of Rockwood. "In the past 18 months, vacancy rates for office space along the New Jersey side of the Hudson waterfront have steadily declined, while overall rental rates have significantly risen. In addition, the State spent several billion dollars during last decade to upgrade both the appearance and reputation of Jersey City, the only city in the State that registered an increase in population and employment through the recession of the late 80's and early 90's. Clearly, the market is vibrant and shows no sign of slowing."

Mack-Cali Realty Corporation will continue to manage and lease International Financial Tower.

According to McNulty, International Financial Tower represented an attractive investment opportunity because it is located within Jersey City's Urban Enterprise Zone. Other advantages include the city's low market vacancy rate - at 2.5 percent, it is one of the tightest markets in the State; asking rents above $34 per square-foot for prime space, the highest in New Jersey; and low operating costs, real estate taxes and electrical rates.

International Financial Tower is adjacent to the Grove Street PATH train, which links Jersey City to Downtown and Midtown Manhattan. In addition, the building is in close proximity to a vast highway network, including the New Jersey Turnpike, Interstates 95, 80, 78, and 280 and US Highway 1 and 9.