JERSEY CITY, NJ – Vision Properties and Hana Alternative Asset Management have acquired a 431,281-square-foot office building in Jersey City, NJ for $300 million.
The property was purchased from joint-venture partners, Danish institutional investor PFA Pension and Spear Street Capital.
Located at 70 Hudson St., the asset features a new atrium lobby, upgraded common corridors and retail entryways, new premier tenant buildouts, an updated roof, a renovated parking garage and a dedicated parking structure with more than 225 spaces.
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The property is located near the Holland Tunnel, Interstate 78, the New Jersey Transit Hudson-Bergen line light rail, the New York waterway ferry and the New Jersey transit bus and rail services.
Cushman & Wakefield's David Bernhaut, Adam Spies, Kevin Donner, Marcella Fasulo, Andrew Merin, Gary Gabriel, Frank DiTommaso and Ryan Larkin represented the seller and arranged the sale, along with local leasing specialists Ed Duenas and Rob Lowe. Alpha Asset Management advised Vision Properties and Hana Alternative Asset Management in the transaction.
"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," says Anthony Arena, president of Vision Properties. "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."
"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," says Bernhaut.
"We 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," says Spies.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
