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Shipping company buys NJ waterfront building.

A Singapore-based shipping company has acquired the UJB/Commercial Trust landmark building in Jersey City, New Jersey, and will occupy the 10-story 110,000-square-foot waterfront office property on completion of a renovation, it was announced by Thomas V. Bermingham, executive director of the Edward S. Gordon Company of New Jersey.

Located at 15 Exchange Place, the building was purchased by Neptune Orient Line/Tricom Shipping Agency from the UJB Financial Co. The transaction was arranged by Edward S. Gordon Executive Director Robert J. Rudin, and brokers Dudley D. Ryan and S. Bleecker Totten.

They explained that the shipping company was attracted to the UJB Financial Building because it offered several amenities important to the buyer, including the fact that the Exchange Place building has waterfront rights and an unobstructed view of Upper New York Harbor and downtown New York City. In addition, it is across the street from the Exchange Place stop of the PATH subway line and, therefore, only minutes from New York.

The brokers also pointed out that the location provides the shipping company with ready access to the Jersey City as well as New York market and with a prestige address in the neighborhood of such major firms as Merrill Lynch, the Colgate Company and Nat West.
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Title Annotation:Neptune Orient Line/Tricom Shipping Agency
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Apr 22, 1992
Words:210
Previous Article:Benson signs 60,000 sf for communications giant.
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