Cushman & Wakefield Closes Highest Price PSF Sale in N.J. History
Two Jersey City Office Buildings Trade for $310 Million.
- (1888PressRelease) April 15, 2011 - JERSEY CITY, N.J.- In the highest price-per-square-foot investment sale transaction in New Jersey history, Cushman & Wakefield, Inc.'s Metropolitan Area Capital Markets Group has orchestrated the trade of 70 and 90 Hudson Street in Jersey City. CBREI acquired the trophy-quality office assets from Hartz Mountain Industries for $310 million.
Located on the Hudson River waterfront directly across from Manhattan's World Financial Center, the twin, 12-story neo-classical buildings are considered to be two of the finest in the state. Completed in 2000 and 1999, respectively, they total 827,318 square feet and are fully leased on a long-term basis to credit tenants, including Barclays, AIG subsidiary National Union Fire Insurance Company and Lord Abbett & Co. Both properties benefit from long-term tax abatements.
"These are irreplaceable, truly unique assets," noted Cushman & Wakefield's Andrew Merin, who orchestrated the trade with Metropolitan Area Capital Markets Group team members David Bernhaut, Gary Gabriel and Brian Whitmer. "They are flagships of Hartz Mountain's development capabilities, occupy an unparalleled location and are fully leased to blue-chip tenants with limited near-term rent roll. It did not take long to find a suitor for this exceptional opportunity."
The record pricing sets a new high watermark in a rapidly improving investment market, according to Merin. "We are seeing an absolute appetite for large assets in triple-A locations," he said. "The investment community is rallying around optimism that the economy has turned around. This transaction will only heighten expectations for property owners and provide comfort that there is a market for deals of this scope."
New Jersey's Hudson waterfront submarket historically has maintained direct occupancy in the single digits, and it commands the highest rents in the state. Within this context, 70 and 90 Hudson Street are part of the master-planned Colgate Center, featuring housing, a four-acre public park waterfront esplanade, and five additional commercial buildings. The property provides immediate access to the Exchange Place PATH station, NY Waterway Ferry service and the Hudson-Bergen Light rail. Other nearby facilities include Hartz' DoubleTree Club Suites, the Harborside office and retail complex, and Newport Center Mall.
The 70 and 90 Hudson Street sale - which in addition to its record per-square-foot pricing also represents New Jersey's third-largest office transaction in state history - continues a long line of blockbuster deals involving Cushman & Wakefield's Metropolitan Area Capital Markets Group. The team also holds the title for arranging the highest per-square-foot pricing for an office asset in Bergen County and the highest per-unit price for a multifamily property in New Jersey, which was in Hoboken. The group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., and Pennsylvania. It has completed more than $14.5 billion worth of transactions since 2000.
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