354
JERSEY CITY, N.J. — Gramercy Property Trust has completed the disposition of a 438,158-square-foot office building at 70 Hudson St. and a 418,000-square-foot office building at 90 Hudson St. in Jersey City for an aggregate gross sales price of $299 million, or $349 per square foot. Prior to closing, Gramercy prepaid the mortgage debt attributable to 70 Hudson and the undisclosed buyer assumed the outstanding loan of $101 million on 90 Hudson. At the time of sale, 70 Hudson was vacant and the exit cap rate was 6.6 percent on stabilized 2016 cash net operating income for 90 Hudson. Net proceeds to the seller equate to $184.8 million.