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LCOR BUYS JERSEY CITY LAND SITE FROM VERIS, PLANS RENTAL TOWER
results,” Veris Residential CEO Mahbod Nia said.
“Despite the challenging credit environment, we were able to secure
TM7 reflected in our raised guidance. We
also unlocked another $145 million of idle equity from nonstrategic asset sales while continuing to generate solid operational performance,
as evidenced by our same store year-over-year NOI growth of 14 percent. Looking ahead, we are
well positioned to execute on our multipronged optimization strategy as we seek to continue creating value for our shareholders.”
Veris Residential, formerly Mack-Cali Realty Corp., acquired 107 Morgan St. in 2019.
LCOR Inc. has secured a nearly two- acre development site in downtown Jersey City, acquiring the parcel from Veris Residential Inc. in a $54 million deal arranged by JLL.
The property, located at 107 Morgan St., is part of the city’s Powerhouse Arts District
and is zoned
for high-rise
residential
development.
Plans for the
site call for 624
apartments,
ground-floor
retail space and
amenities for renters, in a location that’s less than a quarter-mile from the Grove Street PATH station
and three blocks from the Hudson waterfront.
JLL’s Jose Cruz and Ryan Robertson represented Veris in the sale.
“LCOR is excited about the acquisition of 107 Morgan,” said Brian Barry, a senior vice president with the firm. “This development represents
an incredible opportunity to deliver a waterfront residential community in a dynamic neighborhood within the Powerhouse Arts District.”
Veris Residential announced the deal in late April after revealing last summer that it was under contract to sell the 1.73-acre tract, which is currently a parking lot. The closing followed a quarter in which it sold $179 million in what
it called non-strategic
assets, including its last
office building, as the
real estate investment
trust detailed in its
most recent earnings
report.
Mahbod Nia
a $500 million credit facility and term loan from a broad range of lenders, providing us with substantial liquidity, financial flexibility and
Brian Barry
“We had a positive start to the year, implementing and advancing a number of value-enhancing operational, capital recycling and balance-sheet-related initiatives, while continuing to deliver strong financial
LCOR Inc. is among the latest firms to buy a major development site in downtown Jersey City.
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