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Veris Nears Exit from Office Sector with $766M of Jersey City Sales
Veris Residential has entered into a binding agreement to sell its Harborside 1, 2 and 3 office properties in Jersey City for $420 million. The multifamily REIT, formerly Mack-Cali Realty Corporation, has also closed the sale of another Jersey City office property, 101 Hudson St., for $346 million.
“With our exit of the office sector nearly complete, we intend to continue streamlining operations as we become a pure-play multifamily REIT with a more resilient cashflow profile,” said Tammy Jones, board chair of Veris.
Cushman & Wakefield’s Andy Merin, Adam Spies, David Bernhaut, Gary Gabriel, Kevin Donner, Frank DiTommaso, Ed Duenas and Ben Lushing arranged the 101 Hudson transaction. “The sale of 101 Hudson is a historic transaction, made even more significant due to the challenging investment sales environment, with deals of this size and caliber rarely closing in any markets across the country right now,” Merin said.
Merin, Spies, Bernhaut, Gabriel, DiTommaso and Max Helfman, along with CBRE, co-arranged the Harborside 1, 2 and 3 sale.
- ◦Sale/Acquisition
