Vision Properties, Hana Acquire 70 Hudson Street in Jersey City for $300M
Vision Properties and Hana Alternative Asset Management have snapped up 70 Hudson Street in Jersey City, N.J., for $300 million, Commercial Observer has learned.
A joint venture between Danish institutional investor PFA Pension and Spear Street Capital was the seller of the 431,281-square-foot office asset, and the deal closed Friday, sources said.
Cushman & Wakefield (CWK)’s David Bernhaut, Adam Spies, Kevin Donner, Marcella Fasulo, Andy Merin, Gary Gabriel, Frank DiTommaso and Ryan Larkin represented the seller, alongside New Jersey leasing experts Ed Duenas and Rob Lowe, also of C&W. Alpha Asset Management represented the buyers in the deal.
“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,” C&W’s Bernhaut said. Spies added that the team “received significant interest in this property given the credit tenancy, occupancy and ideal location in one of the most prestigious office markets in New Jersey.”
CO reported late last week that Natixis had provided $196.9 million of acquisition financing to purchase the mixed-use office property, arranged by Progress Capital in concert with Bernhaut.
Spear Street Capital purchased the twin office buildings at 70 and 90 Hudson Street for $299 million in January 2019, as reported by NJ.com. Today, 70 Hudson features several upgrades, including a new atrium lobby, a renovated parking garage and new premier tenant buildouts. The property also includes a 225-space parking garage.
Anchor office tenants include TD Ameritrade, Federal Home Loan Bank, Gucci and Fidessa. CVS, Row House and Maman occupy the retail portion of 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.”
The C&W team has had a busy run lately when it comes to N.J. waterfront trophy assets. In January, a C&W team led by Spies and Merin arranged the $210 million sale of Waterfront Corporate Center I in Hoboken. SJP Properties and David Werner Real Estate Investments purchased the asset from real estate investment trust Veris Residential — formerly Mack-Cali Realty Corporation.
Cathy Cunningham can be reached at firstname.lastname@example.org.