Merrill Lynch Building in Jersey City acquired; CBRE advises on $328M financing

A Class A office tower located in Jersey City has a new owner, after CBRE Capital Markets’ Debt & Structured Finance team arranged $328 million of debt and equity financing for the purchase of 101 Hudson St.

101 Hudson St., also known as the Merrill Lynch Building, is a 42-story, 1.35 million-square-foot office tower located in the Exchange Place area of Jersey City along the Hudson River waterfront.

CBRE advised on the assumption of a $250 million commercial mortgage-backed security loan and arranged a $78 million preferred equity investment from SKW on behalf of the buyer, a partnership between Mark Meisner of the Birch Group and Abe Greenhut of 2020 Vision.

The CBRE team of Shawn Rosenthal, Jason Gaccione, and Jake Salkovitz facilitated the financing on behalf of the borrower.

“The acquisition of large value-add office buildings in the current capital markets are extremely rare and challenging to execute. It was incredible to be involved with the buyers, who had the determination, focus and expertise to complete this acquisition during these challenging times,” Rosenthal said.

The buyers invested approximately $70 million of common equity to facilitate the acquisition and value-add business plan.

Situated on one of the largest and most frequently traveled mass-transit hubs in the region, the property offers unobstructed views of the New York City skyline and offers sophisticated interior design, certified platinum internet connectivity, multiple restaurants, and a landscaped courtyard area.

The new ownership plans to renovate and modernize the lobby and common areas and create additional value for its corporate tenants.