A 12-story, Class-A office building in Jersey City has been sold for $300 million.
Located at 70 Hudson Street, the 431,281-square-foot office building has 51,824-square-foot floorplates and a two-level parking structure with more than 200 parking spaces. The building is situated on nearly 1 acre in the Paulus Hook neighborhood of Jersey City.
Cushman & Wakefield’s David Bernhaut, Adam Spies, Kevin Donner, Marcella Fasulo, Andrew Merin, Gary Gabriel, Frank DiTommaso, and Ryan Larkin, along with local leasing specialists Ed Duenas and Rob Lowe, represented the sellers – Spear Street Capital and Denmark-based PFA Pension – in the transaction. The property was purchased as a joint venture between Vision Properties and Hana Alternative Asset Management.
According to CommercialEdge, Spear Street Capital had acquired the property – along with 418,046 square feet of office space at 90 Hudson Street – in 2016 during a $299 million transaction. PFA Pension acquired a 49 percent stake in the portfolio in 2017.
70 Hudson was completed in 2000 and had undergone renovations with the previous owners. Studios Architecture and Structure Tone created a new atrium lobby, updated roof, and improved common corridors.