Hartz Mountain breaks ground at 70 Hudson in Colgate Center.

A September 28th ground-breaking ceremony officially commenced construction on 70 Hudson Street at Colgate Center in Jersey City, NJ, a site that Hartz Mountain Industries began preparing this month for a twin structure to its fully leased 90 Hudson Street, which is directly to the north and

The tower at 90 Hudson will be home to the type of financial services firms that also are expected to create more than 2,000 jobs at 70 Hudson, adding to the community of companies that have driven the growth of the New Jersey waterfront area by locating 25,000 employees there.

"Up until last year, no one had discussed speculative construction in New Jersey for almost 10 years," said Emanuel Stem, president and chief operating officer of Hartz Mountain Industries. "Now we're moving on to our second speculative project, with our first completely leased six months before opening. Commercial real estate in New Jersey has definitely entered a new era, and we're proud to play a role in it."

Although 70 Hudson, which was purchased when Hartz exercised its option on its second one-acre Colgate parcel, is speculative and comes amidst brisk development along the New Jersey Gold Coast, Stem believes it is within the capacity of the current market.

"Colgate Center limits some of the risk of developing speculatively because its unmatched views and transportation infrastructure make it the finest remaining site on either side of the river," Stem said. "We have had some very specific and deep interest from tenants, some of whom were shut out of 90 Hudson because it filled up so fast."

"The success of Colgate Center as a commercial hub confirms what we have known for 167 years: Jersey City offers a richness of quality and diversity which is unique and compelling to business," said Steve Belasco, vice president of Tax/Real Estate of Colgate-Palmolive Company.

The current parcel being developed is positioned on the eastern edge of the six commercial lots at Colgate Center. Hartz Mountain plans to develop other parcels in the future, and state and local officials have been generous in their support of the vision of Colgate Center as a hub of a new financial services community on the west side of the Hudson.

"New Jersey is committed to creating opportunities to start, relocate, or expand business in our metropolitan centers," said Gualberto Medina, CEO and commerce secretary, New Jersey Commerce & Economic Growth Commission. "We have an extensive array of programs designed to meet the specific needs of businesses, from large to small. Combined with the highly skilled New jersey workforce, we can accommodate headquarters relocations to start-ups, from front office to back office."

The features at 70 Hudson will mirror those of 90 Hudson, as will its design. Users will enjoy 45,000 square-foot floorplates, state-of-the-art telecommunications, a sophisticated HVAC system designed to provide for supplemental cooling needs at a minimal cost, VAV air distribution, high-speed elevators, a 24-hour, seven-day-a-week concierge monitored security system, and state-of-the-art life safety system with complete fire suppression system and emergency generators.

Hartz Mountain currently owns and operates a private portfolio of 175 buildings totaling more than 32 million square feet.