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Tri-State

Joint venture trades Jersey City office building for $300M

70 Hudson Street sells for about $690 per square foot

70 Hudson Street, Jersey City, NJ (Loopnet)
70 Hudson Street, Jersey City, NJ (Loopnet)

A 12-story office property on the Jersey City waterfront sold to Vision Properties and Hana Alternative Asset Management for $300 million.

Spear Street Capital and PFA Pension sold the 433,197-square-foot building, according to the Commercial Observer. Natixis provided $197 million in financing, arranged by Progress Capital.

Spear Street bought 70 Hudson Street — and its twin office building at 90 Hudson Street — in late 2019 for $299 million. Tenants at the building include TD Ameritrade, Federal Home Loan Bank, Gucci and software maker Fidessa. Retail portions of the building are occupied by CVS, boutique fitness studio Row House and bakery Maman.

Since 2019, Spear Street has spent more than $20 million in upgrades on the property. David Bernhaut of Cushman & Wakefield, which marketed the property, told the Observer those additions include an atrium lobby, renovated parking garage and built-out tenant space.

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Office markets in New York City and the Garden State suffered in the wake of the pandemic and faced an uncertain future in late 2021 amid a resurgence in new coronavirus cases.

However, the New Jersey waterfront has notched a few big-ticket deals in recent months, including for Hoboken’s Waterfront Corporate Center. Sources told the Observer that SJP Properties, along with partner David Werner Real Estate Investments, paid about $210 million for the 14-story office and retail building.

The area’s residential real estate activity has also ticked up as New York developers look across the river.

Sequoia Development Group last month landed $95 million in financing to build a 16-story, 300-unit multifamily project at 711 Montgomery Street. Long Island-based Namdar Group in November secured $96 million to build 235 residential units at 26 Van Reipen Avenue in addition to 576 units at 626 Newark Avenue.

[CO] — Orion Jones

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