Multifamily REIT Veris Residential has announced the completion of its $420 million sale of Harborside 1, 2, and 3, Class A office buildings in Jersey City, NJ. Net proceeds are approximately $360 million.
The transaction completes over $2 billion of non-strategic asset sales during the past two years for Veris Residential and marks a milestone in its transition to a pure-play multifamily company, CEO Mahbod Nia said.
With the transaction, Veris Residential's multifamily assets now account for approximately 98% of the company's net operating income, up from 39% as of the end of the first quarter of 2021.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
