BRE Global Investors Ltd. and Gramercy Property Trust, Inc. sold a two-building office portfolio encompassing 70 and 90 Hudson St. in Jersey City, NJ to Spear Street Capital for $299 million, or about $349 per square foot.
Totaling 857,940 square feet of 4-Star office space, the twin office buildings are located on the Jersey City waterfront with close proximity to the PATH train, Hudson-Bergen Light Rail and New York Waterway ferry service, providing direct access to Downtown and Midtown Manhattan.
70 Hudson is a 12-story, 409,272-square-foot building that was constructed in 2000 and has been vacant since Barclay’s move out in December of last year. Cushman & Wakefield’s Robert Lowe, Edward Duenas and Jim McCaffrey have the leasing assignment there.
90 Hudson totals 448,668 square feet over 12 stories. It is fully leased to multiple tenants including The Lord, Abbet & Co. and Charles Komar & Sons.
"These are unique, irreplaceable assets, and this transaction is clearly the most significant deal to date in 2016," said Andrew Merin, vice chairman of Cushman & Wakefield of New Jersey, Inc., who noted that 70 Hudson offers the only office availability greater than 200,000 square feet along the Hudson Waterfront, while 90 Hudson offers increasing bond-type returns thanks to its long-term leases and contractual rent steps.
Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Andrew MacDonald with Cushman & Wakefield represented the sellers and procured the buyer in the sale.
See CoStar COMPS #3526676 for more information on this transaction.