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 waterfront property, located at 70 Hudson St., was purchased from a joint-venture partnership between Spear Street Capital and Danish institutional investor PFA Pension.
Cushman & Wakefield represented the seller and arranged the sale. The Cushman & Wakefield team comprised David Bernhaut, Adam Spies, Kevin Donner, Marcella Fasulo, Andrew Merin, Gary Gabriel, Frank DiTommaso and Ryan Larkin, as well as local leasing specialists Ed Duenas and Rob Lowe.
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"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," states Bernhaut.
Spies adds, "We received significant interest in this property given the credit tenancy, occupancy and location in a key office market in New Jersey."
Vision Properties president, Anthony Arena states, "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."
Hana Alternative Asset Management was advised by Alpha Asset Management in the transaction.
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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.
