The partnership was advised by Alpha Asset Management, and a $196.9 million loan was arranged by Progress Capital on behalf of the buyers.
Located at 70 Hudson St., the property is a 12-story Class A waterfront building that has benefited from over $21 million in upgrades and improvements over the past few years. The multitenant building contains 226 covered parking spaces and is leased to credit tenants such as CVS (ground floor retail), TD Ameritrade, Gucci, Federal Home Loan Bank of N.Y. and Fidessa.
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 seller, a joint venture between Danish institutional investor PFA Pension and Spear Street Capital. Brad Domenico of Progress Capital (debt placement), and Jared Zimmel of Natixis Bank (lender) also contributed their efforts to complete the transaction.
“Since 2016, the sellers have invested tens of millions of dollars to reposition this asset, resulting in 70 Hudson being one of the highest quality buildings on the waterfront,” Bernhaut said.
“The debt capital markets continue to show strong interest in core office buildings along Jersey City’s waterfront, for top-tier sponsors. This building certainly fits that box with a best-in-class partnership of Vision Properties and Hana Financial,” Domenico said. “We are proud to have represented this dynamic partnership.”
The asset features a new atrium lobby, a renovated parking garage, an updated roof and upgraded common corridors and retail entryways and new premier tenant buildouts.
70 Hudson is located within minutes to the Holland Tunnel and Interstate 78. Additionally, it is located within walking distance to the New Jersey Transit Hudson-Bergen line light rail, the NY Waterway ferry and New Jersey Transit bus and rail services.
Anthony Arena, president of Vision Properties, added: “Due to the several qualities highlighted by the Cushman team, 70 Hudson will long endure as a premium office destination for credit tenants in the market. We are excited to grow our footprint along the New Jersey waterfront with such a tremendous asset and continue to drive value for our investors.”