101 Hudson St. in Jersey City — Courtesy: CBRE
By Joshua Burd
The buyers of 101 Hudson St. in Jersey City have secured $328 million in debt and equity financing for the 42-story, 1.35 million-square-foot office tower.
According to CBRE, which advised Mark Meisner of the Birch Group and Abe Greenhut of 2020 Vision, the package includes the assumption of a $250 million commercial mortgage-backed security loan and a $78 million preferred equity investment from SKW. CBRE added that the partnership invested some $70 million of common equity to facilitate the acquisition from Veris Residential Inc. and a value-add business plan.
“The acquisition of large value-add office buildings in the current capital markets are extremely rare and challenging to execute,” CBRE’s Shawn Rosenthal said. “It was incredible to be involved with the buyers, who had the determination, focus and expertise to complete this acquisition during these challenging times.”
Rosenthal sourced the financing alongside CBRE’s Jason Gaccione and Jake Salkovitz. Word of the deal follows Veris Residential’s recent announcement that it had completed its sale of 101 Hudson to The Birch Group, a Nyack, New York-based investor that has become a key player in New Jersey’s office sector in recent years.
The distinctive office tower, also known as the Merrill Lynch Building, sits in the city’s Exchange Place neighborhood along the Hudson River waterfront. The property has unobstructed views of the New York City skyline and is home to several high-profile corporate tenants, offering high-end internet connectivity, multiple restaurants and a landscaped courtyard area.
The new ownership plans to renovate and modernize the lobby and common areas and create additional value for its occupiers, CBRE said.
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