Vision Properties JV Pays $300M for Jersey Office Building

70 Hudson St.

The joint venture of Vision Properties and Hana Alternative Asset Management, advised by Alpha Asset Management, has paid $300 million for 70 Hudson, a 431,281-square-foot office building in Jersey City, N.J. Denmark-based PFA Pension and Spear Street Capital sold the Class A property, with the assistance of Cushman & Wakefield.

According to CommercialEdge information, 70 Hudson is the first office building to change hands in Jersey City so far this year, in the priciest deal of the New Jersey office market. The asset previously traded in 2016 in a $299 million transaction, when Spear Street Capital purchased the property along with 418,046 square feet of office space at 90 Hudson Street. In 2017, PFA Pension acquired a 49 percent stake in the portfolio.

The same data provider shows nearly 1.6 million square feet of office space have traded in the New Jersey market since the beginning of the year, the largest property being Waterfront Corporate Center I. The 566,215-square-foot building in Hoboken, N.J., was acquired by SJP Properties for $218 million in January.

A Class A property

Situated on roughly 1 acre at 70 Hudson St., the 12-story building has 51,824-square-foot floorplates and a two-level parking structure with more than 200 spaces. Completed in 2000, the asset underwent an extensive renovation under the previous ownership. As a result of the work of Studios Architecture and Structure Tone, the building now has a new atrium lobby, an updated roof and improved common corridors.

The property is less than 1 mile east of downtown Jersey City in the Paulus Hook neighborhood, 2 miles south of the Holland Tunnel and Interstate 78. The location is close to the New Jersey Transit Hudson-Bergen line light rail, the New York waterway ferry and the New Jersey transit bus and rail services.

Cushman & Wakefield’s David Bernhaut, Adam Spies, Kevin Donner, Marcella Fasulo, Andrew Merin, Gary Gabriel, Frank DiTommaso and Ryan Larkin, together with local leasing specialists Ed Duenas and Rob Lowe, represented the seller in the deal. The same brokers were instrumental in the sale of Waterfront Corporate Center I; Spies and Fasulo also arranged one of the largest Manhattan office sales of 2021.