Goodman acquires iconic Jersey City site from DN Property Company

JERSEY CITY, NJ, March 15, 2024 – DN Property Company LLC, a partnership between the New DN Company and Twenty Lake Holdings, today announced the sale of the iconic Jersey City property which previously hosted the New York Daily News printing facility. The property was purchased by Goodman Group, a global industrial property and digital infrastructure specialist. Goodman will redevelop the site into a state-of-the-art, last mile warehouse facility in line with the company’s global strategy to provide highly productive warehousing solutions for customers in key consumer markets around the world.

With sweeping views of the Statue of Liberty, the 21.7-acre property is located at 125 Theodore Conrad Drive in Jersey City, New Jersey, within the iconic Jersey City Gold Coast and Liberty State Park. It served as the location of the New York Daily News printing plant for nearly thirty years.

“While the sale of the New York Daily News almost seven years ago, after our stewardship of nearly twenty-five years, remains bittersweet, we are pleased that the land will be transformed into a modern warehouse and will support the economic development of the local economy. The redevelopment project not only preserves a piece of the area's heritage, but also propels it into a future dominated by digital commerce and logistics efficiency,” said Eric Gertler, the Chairman of New DN Company. 

In line with the growing demand for logistics and distribution centers to support the growing digital economy, Goodman will redevelop the site into high productivity warehouses which customers will be able to have built to suit for their requirements. Located directly across the Hudson River from Manhattan, the land presents an opportunity to build a warehouse in one of the most sought-after locations in the country. The site offers unparalleled highway access and mobility throughout the Northeast region. It also offers a unique opportunity to fulfill the needs of e-commerce or logistics companies looking to leverage the strategic location, including significant trailer parking availability.

“The proximity of this site to the millions of residents in and around New York City helps our customers meet rising delivery and service expectations. It also provides greater resilience for their supply chains and provides opportunities to be more sustainable,” said Anthony Rozic, Chief Executive Officer North America. “We are enthusiastic about the Northern New Jersey market, which remains robust in terms of the underlying demand for modern warehousing and distribution space, and are actively pursuing additional acquisition and development opportunities there.”

The sale was exclusively managed by CBRE’s National Partners team and Northern New Jersey office, which has extensive experience in handling transactions of this scale and size. 

About New DN Company & DN Property Company

For nearly twenty-five years, New DN Company was the holding company of Daily News, L.P. the publisher of the New York Daily News.  DN Property Company LLC, was a partnership between the New DN Company and Twenty Lake Holdings, that owned the 21.7-acre property is located at 125 Theodore Conrad Drive in Jersey City, New Jersey.

About Goodman

Goodman Group is a global industrial property and digital infrastructure specialist group with operations in key consumer markets across Australia, New Zealand, Asia, Europe, the United Kingdom, and the Americas. Goodman Group, comprised of the stapled entities Goodman Limited, Goodman Industrial Trust and Goodman Logistics (HK) Limited, is the largest property group on the Australian Securities Exchange (ASX: GMG), a top 20 entity by market capitalization, and one of the largest listed specialist investment managers of industrial property globally.

Goodman provides essential infrastructure for the digital economy by owning, developing, and managing high-quality sustainable properties that are close to consumers in key cities around the world. Our property portfolio includes logistics and distribution centres, warehouses, light industrial, multi-storey industrial, business parks and data centres. We take a long-term view, investing significantly alongside our capital partners in our investment management platform and concentrating our portfolio where we can create the most value for customers and investors.

For more information visit: www.goodman.com

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For further information, please contact:

Goodman

Ben Bytheway

Marketing Director

[email protected]

Ph: +1 714 385 7401

DN Property Company

Vicki Elkins

[email protected]

Ph: +1 917 854 7539