Jersey City office building sells for $300M

Deal brokered by CushWake follows team's January sale on Hoboken waterfront

Jessica Perry//February 14, 2022//

Jersey City office building sells for $300M

Deal brokered by CushWake follows team's January sale on Hoboken waterfront

Jessica Perry//February 14, 2022//

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After securing the approximately $210 million sale of Waterfront Corporate Center I in Hoboken last month, a team from has completed a $300 million sale in neighboring Jersey City.

Cushman & Wakefield announced Feb. 14 that it represented the seller, a joint venture of Danish institutional investor PFA Pension and Spear Street Capital, in the sale of , a 431,281-square-foot office building, to Vision Properties and Hana Alternative Asset Management.

The purchaser was advised by Alpha Asset Management.

David Bernhaut, Cushman & Wakefield
Bernhaut

“Since 2016, the sellers have invested tens of millions of dollars to reposition this asset, resulting in 70 Hudson being one of the highest quality buildings on the waterfront,” said Cushman’s David Bernhaut, who worked on the transaction with 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.

The property features an updated atrium lobby, parking garage with more than 225 spaces, common corridors, retail entrances and new tenant buildouts.

According to a statement from Spies, 70 Hudson St.’s location, occupancy and credit tenancy resulted in significant interest for the property.

“Due to the several qualities highlighted by the Cushman team, 70 Hudson will long endure as a premium office destination for credit tenants in the market,” Vision Properties President Anthony Arena said. “We are excited to grow our footprint along the New Jersey waterfront with such a tremendous asset and continue to drive value for our investors.”