101 Hudson St. in Jersey City
By Joshua Burd
Mack-Cali Realty Corp. has agreed to sell a 42-story, 1.2 million-square-foot office tower in Jersey City to The Birch Group, reportedly for $380 million.
Executives with the real estate investment trust said last year that the property, 101 Hudson St., was among a handful of waterfront office buildings that it was marketing for sale, as it focused on modernizing its flagship Harborside complex in the city. Published reports and a source familiar with the transaction now say it’s under contract to sell the property to The Birch Group, a Nanuet, New York-based firm with a fast-growing and high-profile office portfolio.
Cushman & Wakefield’s Adam Spies, Andy Merin, David Bernhaut, Kevin Donner, Gary Gabriel and Frank DiTommaso brokered the deal, according to Commercial Observer. The sale is expected to close in the next 30 days.
Located a block west of the Hudson River, 101 Hudson sits alongside the Exchange Place PATH station and has sweeping views of the Manhattan Skyline, Statue of Liberty and New York Harbor. The property has housed large-scale tenants in the past but has been hurt by the recent departures of companies such as AIG, which vacated 271,000 square feet in 2018.
Mack-Cali acquired 101 Hudson in early 2005 for $329 million.
News of the deal comes less than six months after the REIT sold a four-building, 843,300-square-foot portfolio in Short Hills to The Birch Group for $255 million. The latter, a privately held investment firm, has built a sprawling collection of high-end office buildings in New Jersey over the past three years, while Mack-Cali has unloaded most of its commercial portfolio under pressure from investors.