One of the most prominent properties along the Jersey City waterfront is officially under contract and slated to change hands next year.
Veris Residential, formerly known as Mack-Cali, has announced a deal to sell their three-building Harborside 1, 2 and 3 complex for $420 million. The sale, first reported by The Real Deal, was co-brokered by the Cushman & Wakefield team of Adam Spies and Andy Merin along with CBRE’s Jeff Dunne.
Situated along the Hudson River, the flagship Harborside recently underwent a $75 million renovation that included a new façade, a LEED Gold certification, and a redesign highlighting new public spaces, a reimagined lobby, and significant infrastructure upgrades. The complex also hosts the District Kitchen market, various retail spaces, and began hosting the weekly Smorgasburg open-air food market back in 2021 during the summer months.
The Veris Residential announcement did not disclose a buyer, but the company expects the transaction to close sometime next year. The company has transitioned away from office buildings in recent years and announced earlier this year that their sale of 101 Hudson Street for $380 million to The Birch Group has been finalized.
Despite the shift, Veris Residential still owns Harborside 5 across the street from the flagship complex and Harborside 6, which has a new Whole Foods outpost currently under construction that will hopefully open sometime this decade (if you know, you know).
Veris Residential also owns the approval rights for Harborside 8, a 68-story residential complex that has yet to begin construction despite gaining full approval over two years ago.