Updated Oct 29, 2024
Harbor Group International Acquires Jersey City Property For $372 Million With Newmark Representation
545 Washington St, Jersey City, NJ, 07...
$372,000,000
$432/SF
Building Size
861,000 SF
Asset Type
Office
Closing
Jan 9, 2020
About this deal
AI
A Class A office building located at 545 Washington St, Jersey City, NJ, has been acquired by Harbor Group International from the LeFrak Organization for a total price of $372,000,000. The property encompasses 861,000 square feet, situated in the Jersey City market.
Summary of transaction details:
- Property Type: Office Building
- Transaction Amount: $372,000,000.00
- Square Footage: 861,000
- Address: 545 Washington St, Jersey City, NJ
- Market: Jersey City
- Seller's Representatives: Kevin Donner (Newmark), Adam Spies (Newmark), Douglas (Doug) Harmon (Newmark), Gary Gabriel (Cushman & Wakefield)
- Borrower's Representative: Christopher (Chris) Moyer (Cushman & Wakefield)
- Buyer: Harbor Group International
The financing for this acquisition was led by Morgan Stanley, which provided $251 million, with Barclays also participating in the financing. The deal was originally reported to be in contract in September and successfully closed in January.
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