IStar Acquires 570 Washington Boulevard Jersey City For $170 Million Represented By Newmark And Cushman & Wakefield

The Newport Office Center 6, located at 570 Washington Boulevard in Jersey City, NJ, has been sold for $170,000,000.00. The property comprises 350,000 square feet and features a 10-story building, part of the larger 300-acre mixed-use Newport development initiated by the LeFrak family in 1986.

Summary of transaction details:

• Property Type: Office Building
• Transaction Amount: $170,000,000.00
• Address: 570 Washington Boulevard, Jersey City, NJ
• Square Footage: 350,000 SF
• Market: Jersey City
• Seller: LeFrak Organization
• Buyer: iStar
• Seller's Representatives: Kevin Donner (Newmark), Adam Spies (Newmark), Gary Gabriel (Cushman & Wakefield)
• Price per Square Foot: $485

The sale represents the most expensive transaction for a Jersey City office tower since February 2016. Cushman & Wakefield's team, including Adam Spies, Kevin Donner, and H. Gary Gabriel, played a crucial role in marketing and negotiating the sale on behalf of the seller, LeFrak Organization. iStar is a real estate investment trust based in New York City.