LeFrak closed on the sale of its 861,000-square-foot Hudson County waterfront asset to Harbor Group International on Jan. 6.
According to reports in the Commercial Observer, and confirmed by multiple industry sources, Harbor Group International paid $372 million for the Class A office building in Jersey City. Morgan Stanley led the $251 million acquisition financing for the building at 545 Washington Blvd., with Barclays also participating in the deal.
Cushman & Wakefield‘s Adam Spies, Doug Harmon, Kevin Donner, Gary Gabriel and David Bernhaut represented LeFrak in the sale, while C&W’s Gideon Gil, Chris Moyer, John Alascio, Emily Johansen and Noble Carpenter III secured the acquisition financing.
Built in 2001, the property known as Newport Office Center IV sits on a 2.8-acre lot and is roughly 95 percent occupied. Around 80 percent of the building is understood to be leased to JP Morgan Chase and the headquarters of Insurance Services Office (ISO).
Located across the street from the Newport PATH station, the building features an on-site health club with swimming pool, child care center and helipad.