Veris Residential on Monday said it has entered into a binding agreement to sell Harborside 1, 2 and 3 for $420 million, subject to closing adjustments for several ongoing construction projects. The company also completed its sale of 101 Hudson St. for $346 million.
The buyers were not disclosed.
The Jersey City-based real estate investment trust anticipates closing the Harborside sales deal in the first quarter of 2023.
It also expects to receive around $350 million and around $90 million of net proceeds from the sales of Harborside and 101 Hudson St., respectively.
“These are significant milestones in our transition to a pure-play multifamily company,” CEO Mahbod Nia said. “I would like to thank the Veris Residential team for their perseverance and tenacity, which have allowed us to continue making progress on our strategic goals despite an extremely challenging market environment. Looking ahead, the sizable proceeds anticipated from these transactions provide the company with meaningful liquidity and optionality as we enter the next phase of our transformation.”
Meanwhile Andy Merin, Adam Spies, David Bernhaut, Gary Gabriel, Kevin Donner, Frank DiTommaso, Ed Duenas and Ben Lushing of C&W served as sole arranger of the 101 Hudson Street transaction.
“The sale of 101 Hudson is a historic transaction, made even more significant due to the challenging investment sales environment, with deals of this size and caliber rarely closing in any markets across the country right now. After months of hard work, we are thrilled to have arranged this momentous transaction on behalf of Veris, with this being one of the largest single-asset office sales in New Jersey history,” Merin stated.