Jeff Sutton Shells Out $219M for Weehawken, N.J., Office Property
Master of retail, Jeff Sutton, is trying his hand at office.
Sutton’s Wharton Properties just completed a deal to buy 1000 Harbor Boulevard in Weehawken, N.J., for $219 million from Hartz Mountain Industries, with the Korean investment fund KTB Investment & Securities as Wharton’s partner, according to a source.
The 617,000-square-foot building is not completely devoid of retail; there is a Ruth’s Chris Steakhouse at the address, but this is the first time Sutton has gone after a property primarily for its office offerings over its retail. UBS Financial Services is the main tenant, with another 14 years on its lease.
The property is part of a 60-acre waterfront project called Lincoln Harbor that was developed by Hartz starting in the 1980s and sits just at the mouth of the Lincoln Tunnel.
It wasn’t clear if there were brokers involved in the deal. Sutton, Hartz and KTB could not be reached by press time. The news was first reported by PincusCo.
