JERSEY CITY, N.J. — CB Richard Ellis Investors has acquired an 827,318-square-foot office property in Jersey City from Hartz Mountain Industries for $310 million. According to Cushman & Wakefield, which orchestrated the sale, the deal is the highest price-per-square-foot investment sale in state history.
The property consists of twin 12-story office towers located at 70 and 90 Hudson St. Completed in 1999 and 2000, the buildings are tenanted by companies such as Barclays, National Union Fire Insurance Co., and Lord Abbett & Co. The buildings are a part of the Colgate Center master-planned community, which also includes residential space, five additional commercial buildings, a 4-acre public park and a waterfront esplanade.
Cushman & Wakefield's Metropolitan Area Capital Markets Group arranged the transaction. Brokers involved include Andrew Merin, David Bernhaut, Gary Gabriel and Brian Whitmer.
“These are irreplaceable, truly unique assets,” Merin said in a statement. “They are flagships of Hartz Mountain's development capabilities, occupy unparalleled location, and are fully leased to blue-chip tenants with limited near-term rent roll. It did not take long to fund a suitor for this exceptional opportunity.
Cushman & Wakefield also asserted that the deal is the third-largest office transaction in state history.
— Coleman Wood