Updated Nov 28, 2024
Lefrak Sells Jersey City Office Building To Harbor Group For $375M
545 Washington Boulevard, Jersey City, NJ, USA
$375,000,000
$433/SF
Building Size
866,000 SF
Asset Type
Office
Closing
Sep 18, 2019
About this deal
AI
The Insurance Services Office (ISO) Building, located at 545 Washington Boulevard in Jersey City, has been sold in a recent transaction. This office property spans 866,000 square feet and consists of 22 stories. It was constructed in 2001 and is home to various multinational financial institutions, including Knight Securities, HSBC, and Automated Sungard. The primary tenant of the building is the international ISO headquarters.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $375,000,000
- Address: 545 Washington Boulevard, Jersey City
- Market: Jersey City
The sale of the Insurance Services Office (ISO) Building was facilitated by the brokerage team consisting of Adam Spies, Kevin Donner, Doug Harmon, Gary Gabriel, and David Bernhaut. They represented the seller, Lefrak, and the buyer, Harbor Group.
Players
Jersey City Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93