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JV Divests Jersey City Offices for $300M
Cushman & Wakefield arranged the sale of a 431,281-square-foot office building at 70 Hudson St. in Jersey City. The final price was $300,000,000, and Progress Capital’s Brad Domenico secured $196.9 million in acquisition financing through Natixis Bank.
Cushman & Wakefield’s David Bernhaut, Adam Spies, Kevin Donner, Marcella Fasulo, Andrew Merin, Gary Gabriel, Frank DiTommaso and Ryan Larkin, along with local leasing specialists Ed Duenas and Rob Lowe, represented the seller, a joint venture between PFA Pension and Spear Street Capital. The asset was acquired by Vision Properties and Hana Alternative Asset Management, advised by Alpha Asset Management.
“We received significant interest in this property given the credit tenancy, occupancy and ideal location in one of the most prestigious office markets in New Jersey,” said Spies.
The asset features a new atrium lobby, a renovated parking garage, an updated roof and upgraded common corridors and retail entryways and new tenant buildouts.
- ◦Sale/Acquisition
- ◦Financing
