Birch Group Acquires Office Building In Jersey City For $346M
SOLD
$346,000,000
+ 3
New Jersey
See Similar DealsOffice1,246,283 SF
Sold 10/02/2022
SOLD
Birch Group Acquires Office Building In Jersey City For $346M
101 Hudson Street, Jersey City, New Jersey 07302, United States
See Similar DealsOffice1,246,283 SF
Sold 10/02/2022
+ 3
Summary
NEW JERSEY
Asset Type:Office
Price Per Square Foot:$277
Total Square Footage:1,246,283 SF
Transaction Type:Sale
The office property located at 101 Hudson St in Jersey City has been sold in a closed transaction. The transaction took place on 10/03/2022.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $346,000,000
- Size: 1,300,000 square feet
- Price per Square Foot: $266
- Address: 101 Hudson St, Jersey City
- Market: Jersey City
The buyer of the property is Birch group, while the seller is Veris Residential. The deal was facilitated by Adam Spies, Andy Merin, David Bernhaut, Kevin Donner, Ben Lushing, Frank DiTomasso, and Gary Gabriel, all representing Cushman & Wakefield.
Players
BROKERAGE
BUYER
SELLER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$18,453,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,229,264.92
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,640,216.52
Annual Debt Service$19,682,598.25
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