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Veris Residential Closes Sale of Harborside Office Complex in Jersey City
Veris Residential, Inc. said Wednesday it had completed its $420-million sale of Harborside 1, 2, and 3 Class A office buildings in Jersey City, releasing approximately $360 million of net proceeds. The buyer was not disclosed. Veris first announced the pending sale last October.
“The sale of Harborside 1/2/3 represents a significant milestone and a critical step in the company’s transition to a pure-play multifamily company,” said CEO Mahbod Nia. “The closing of this transaction completes over $2 billion of non-strategic asset sales during the past two years. As we approach the final stages of our transformation, our focus will be on concluding the few remaining non-strategic asset sales and working with our board to unlock the substantial value embedded in the company for our shareholders.”
With the Harborside 1/2/3 transaction complete, Veris Residential’s multifamily assets account for approximately 98% of its NOI, up from 39% as of the end of the first quarter of 2021. Cushman & Wakefield and CBRE arranged the transaction.
- ◦Sale/Acquisition
