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70 Hudson Street

Updated Oct 28, 2024

Vision Properties & Hana Alternative Asset Management Acquire Jersey City Office Building For $300M
SOLDOffice

Vision Properties & Hana Alternative Asset Management Acquire Jersey City Office Building For $300M

70 Hudson Street

$300,000,000

$695/SF

Building Size

431,281 SF

Asset Type

Office

Closing

Feb 14, 2022

About this deal

AI

70 Hudson Street, an office property located in Jersey City, was recently sold in a transaction that closed on 02/15/2022. The property, with a total square footage of 431,281, was sold for a price of $300,000,000, resulting in a price per square foot of $696. The buyers of the property were Vision Properties and Hana Alternative Asset Management, while PFA Pension and Spear Street Capital served as the sellers. The sale was facilitated by the brokerage team from Cushman & Wakefield, consisting of Adam Spies, Kevin Donner, David Bernhaut, Ryan Larkin, and Andy Merin.

Summary of transaction details:

  • Property Type: Office
  • Sale Price: $300,000,000
  • Square Footage: 431,281
  • Price per Square Foot: $696
  • Market: Jersey City

The buyers of the property, Vision Properties and Hana Alternative Asset Management, partnered with the brokerage team from Cushman & Wakefield to successfully acquire this office asset. On the other side of the deal, PFA Pension and Spear Street Capital represented the sellers. The transaction involved significant financial investment and reflects the active real estate market in Jersey City.

On the Map

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$300,000,000

$695/SF

Office

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Players

Andrew Merin

Cushman & Wakefield

Broker

$3.1B

vol

35 deals

Broker
Adam Spies
Verified Badge

Adam Spies

Newmark

Broker

$74.2B

vol

273 deals

Broker
HM
Hana Alternative Asset ManagementBuyer

Jersey City Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Deal FAQ

About $695 per square foot on a published $300M for 431,281 square feet (2022).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.05%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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