Page 8 - RE-NJ March 2022

6 MARCH 2022
THE BRIEFING
PARTNERSHIP SELLS JERSEY CITY OFFICE BUILDING FOR $300 MILLION
Management, which was advised by Alpha Asset Management.
“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,” said
C&W’s David
Bernhaut, who
completed the
deal alongside
Adam Spies,
Kevin Donner, Marcella Fasulo, Andrew Merin, Gary Gabriel, Frank DiTommaso and Ryan Larkin, working with local leasing specialists Ed Duenas and Rob Lowe.
Brokers noted that the 12-story building features a new atrium lobby, a renovated parking garage, an updated roof, upgraded common corridors
and retail entryways and high-end tenant buildouts, along with a parking structure with over 225 spaces. Additionally, the property is minutes from the Holland Tunnel and Interstate 78, while it’s within walking distance of multiple mass transit options.
“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,” said 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.”
Progress Capital’s Brad Domenico secured $196.9 million in acquisition financing through Natixis Bank, citing Jared Zimmel’s role in the transaction. He added that the 431,281-square-foot building is home to tenants such as TD Ameritrade, Gucci, Federal Home Loan Bank of NY and Fidessa.
“The debt capital markets continue to show strong
A joint venture has reaped $300 million from its sale of a nearly 432,000-square-foot office building in Jersey City, under a deal announced by Cushman & Wakefield.
The sellers, Danish institutional investor PFA Pension and Spear Street
Capital, completed their disposition of 70 Hudson St. after more than $21 million in renovations in recent years, helping fuel interest among would-
be buyers. They ultimately sold the property to a partnership of Vision Properties and Hana Alternative Asset
David Bernhaut
70 Hudson St. in Jersey City
certainly fits that box with a best-in- class partnership of Vision Properties and Hana Financial. We are proud
to have represented this dynamic partnership.”
Brad Domenico
interest in
core office buildings along Jersey City’s waterfront,
for top-tier sponsors,” Domenico said. “This building
Courtesy: Progress Capital