545 Washington Blvd. in Jersey City (background)
By Joshua Burd
An investment firm has closed on its $372 million acquisition of a 22-story office tower in Jersey City, adding a high-profile waterfront property to its growing New Jersey portfolio.
A source close to the transaction confirmed that the buyer, Harbor Group International, completed its purchase of 545 Washington Blvd. from LeFrak. The 866,706-square-foot property, which sits within the Newport neighborhood pioneered by LeFrak, is reportedly 96 percent leased to tenants including J.P. Morgan Chase and Insurance Services Office.
Commercial Observer first reported last week that the deal had closed, following a September report by Real Estate Alert that Harbor Group had agreed to buy the tower. Citing multiple sources, the Jan. 8 report noted that Morgan Stanley led the $251 million acquisition financing, with Barclays also participating in the deal.
A Cushman & Wakefield team was marketing the property on LeFrak’s behalf. According to Commercial Observer, the team included C&W’s Adam Spies, Doug Harmon, Kevin Donner, Gary Gabriel and David Bernhaut, while C&W’s Gideon Gil, Chris Moyer, John Alascio, Emily Johansen and Noble Carpenter III secured the acquisition financing.
The deal follows the sale of another tower nearby, 575 Washington Blvd., in June 2019.