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Cushman & Wakefield Orchestrates $299 Million Sale of Jersey City Offices

| February 26, 2016 | 0 Comments

70 and 90 Hudson

Cushman & Wakefield of New Jersey, Inc.
One Meadowlands Plaza
East Rutherford, New Jersey 07073

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Media Contact: Evelyn Weiss Francisco: evelyn@caryl.com / (201) 796-7788 / www.twitter.com/carylcomm

JERSEY CITY, N.J., Feb. 26, 2016 – Commercial real estate services firm Cushman & Wakefield has completed the sale of 70 & 90 Hudson Street, twin class A office buildings on the Jersey City waterfront. This marks the largest New Jersey office deal this year. The firm’s East Rutherford, N.J.-based Metropolitan Area Capital Markets Group team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Andrew MacDonald represented seller Gramercy Property Trust, and procured the buyer, Spear Street Capital. The combined buildings total nearly 858,000 square feet.

“These are unique, irreplaceable assets, and this transaction is clearly the most significant deal to date in 2016,” said Merin, who notes that his team had orchestrated a previous sale of the subject properties in 2011.

The 409,272-square-foot, 12-story 70 Hudson Street, constructed in 2000, offers a unique value-add opportunity. The asset is currently vacant after the recent departure of full-building tenant Barclay’s. Cushman & Wakefield’s Robert Lowe, Edward Duenas and Jim McCaffrey are handling the leasing assignment.

“This is the only office availability greater than 200,000 square feet and the largest contiguous availability along the Hudson Waterfront,” said Merin. “The new ownership will be able to capitalize on the market’s strong leasing momentum and cyclically improving rents compared to Manhattan.”

The adjoining 12-story, 448,668-square-foot 90 Hudson Street was fully occupied at the time of sale, with the investment management firm Lord, Abbett & Co. occupying 272,127 square feet, utilizing the site as its headquarters. And Charles Komar & Sons, an industry leader in the design, marketing, sourcing and distribution of apparel, is occupying 159,141 square feet.

“With its long-term leases and contractual rent steps, 90 Hudson Street offers increasing bond-type returns,” said Merin.

The sale marks a premier transaction in a Hudson Waterfront office market totaling more than 21.5 million square feet, New Jersey’s largest and fastest growing submarket. Demand drivers include proximity to Manhattan, with 70 & 90 Hudson Street just steps away from PATH train, Hudson-Bergen Light Rail and New York Waterway ferry service providing direct access to Downtown and Midtown Manhattan. The market has also benefited from the New Jersey Economic Opportunity Act of 2013, a program designed to create and retain jobs in the state.

Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed more than $21.7 billion worth of transactions since 2000, closing on $2 billion in 2015.

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About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenues of $5 billion across core services of agency leasing, asset services, capital markets, facility services (branded C&W Services), global occupier services, investment & asset management (branded DTZ Investors), project & development services, tenant representation and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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Category: Cushman & Wakefield of New Jersey, News Releases, Newswire: Latest News

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