Cushman & Wakefield Brokers $300M Sale of Office Building in Jersey City

Rhea-AI Summary

Cushman & Wakefield (NYSE: CWK) has successfully arranged the sale of a 431,281-square-foot office building at 70 Hudson Street, Jersey City, for $300 million. The sellers, a joint venture between PFA Pension and Spear Street Capital, undertook significant investments since 2016 to enhance the property's quality. The acquisition involved Vision Properties and Hana Alternative Asset Management, representing a notable transaction in New Jersey's competitive office market. Executive comments highlighted strong market interest and the property's appeal to credit tenants.

Positive

• Sale of 431,281-square-foot office building for $300 million signifies strong market demand.
• Significant investment by sellers since 2016 enhanced property quality, increasing its value.
• High interest in the property indicates positive market sentiment for office spaces in New Jersey.

Negative

• None.

JERSEY CITY, N.J.--(BUSINESS WIRE)-- Cushman & Wakefield (NYSE: CWK) announced that the real estate services firm has arranged the sale of a 431,281-square-foot office building located at 70 Hudson Street in Jersey City, New Jersey. The final sale price was $300 million.

Cushman & Wakefield’s David Bernhaut, 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, represented the seller, a joint venture between Danish institutional investor PFA Pension and Spear Street Capital. The asset was acquired by Vision Properties and Hana Alternative Asset Management, who was advised by Alpha Asset Management.

“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 Bernhaut.

“We received significant interest in this property given the credit tenancy, occupancy and location in a key office market in New Jersey,” added Spies.

Anthony Arena, President of Vision Properties added, “Due to the several qualities highlighted by the Cushman team, 70 Hudson is a premium office destination for credit tenants in the market. 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.”

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220317005656/en/

Jayden Lapin-Tatman

Communications Manager, East Region

212-841-5052

Jayden.LapinTatman@cushwake.com

Source: Cushman & Wakefield

FAQ

What was the sale price of the office building at 70 Hudson Street, Jersey City?

The office building was sold for $300 million.

Who were the sellers of the office building in Jersey City?

The sellers were a joint venture between PFA Pension and Spear Street Capital.

Which company arranged the sale of the Jersey City office building?

Cushman & Wakefield arranged the sale of the office building.

Who acquired the office building at 70 Hudson Street?

The office building was acquired by Vision Properties and Hana Alternative Asset Management.

What is the significance of the investment made in the office building since 2016?

The investment enhanced the building's quality, making it one of the highest quality buildings on the waterfront.