Gramercy Property Trust announced that it had closed on the sale of two office buildings in Jersey City, New Jersey for $299 million, or $349 per square foot, to San Francisco-based Spear Street Capital. Commercial real estate services firm Cushman & Wakefield brokered the sale of 70 Hudson Street and 90 Hudson Street, marking the largest New Jersey office deal this year. Before closing, Gramercy prepaid the mortgage debt on 70 Hudson, and Spear Street assumed the outstanding loan of $101 million on 90 Hudson.
"These are unique, irreplaceable assets, and this transaction is clearly the most significant deal to date in 2016,"said Andrew Merin, Vice Chairman within Cushman & Wakefield of New Jersey, Inc., who notes that his team had orchestrated a previous sale of the subject properties in 2011. "This is the only office availability greater than 200,000 square feet and the largest contiguous availability along the Hudson Waterfront. The new ownership will be able to capitalize on the market's strong leasing momentum and cyclically improving rents compared to Manhattan."
70 Hudson Street is a 409,272 square foot, 12-story office building originally constructed in 2000 and is currently vacant after Barclay's recent departure; Cushman & Wakefield are handling the leasing assignment of the property. 90 Hudson Street is also 12 stories tall and covers 418,046 square feet of space; occupancy information was not disclosed. The sale of both properties is part of Gramercy Property Trust's previously announced plan to dispose of select single and multi-tenant office assets.
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