Harbor Group Reportedly Pays $372M for Jersey City Tower
The property known as Newport Office Center IV was sold by the Lefrak Organization.
JERSEY CITY, NJ—Norfolk, VA-based Harbor Group International has acquired the 22-story 861,000-square-foot office building at 545 Washington Blvd. here for $372 million, according to multiple reports.
The property known as Newport Office Center IV was sold by the Lefrak Organization. Morgan Stanley led the acquisition financing for the office tower, according to the Commercial Observer, which also noted that Barclays also participating in the financing of the property.
Adam Spies, Doug Harmon, Kevin Donner, Gary Gabriel and David Bernhaut of Cushman & Wakefield represented LeFrak in the sale, while Gideon Gil, Chris Moyer, John Alascio, Emily Johansen and Noble Carpenter III of C&W arranged the acquisition financing.
The property, which opened in 2001, houses the international ISO headquarters. Other tenants include financial services firms Knight Securities, HSBC and Automated Sungard.
The property is nearly fully leased.