Transactions - FEBRUARY 26, 2016

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Gramercy Property Trust sells N.J. offices for $299m

by Andrea Waitrovich

Gramercy Property Trust has completed the sale of 70 Hudson St. and 90 Hudson St., located in Jersey City, N.J., for $299 million, or $349 per square foot.

The buyer was not disclosed; however, Real Capital Analytics lists Spear Street Capital as the new owner.

Prior to closing, the REIT prepaid the mortgage debt attributable to 70 Hudson, and the buyer assumed the outstanding loan of $101 million on 90 Hudson.

The offices total 827,318 square feet. Both properties are 12-story buildings located on the Hudson River waterfront, with close access to Manhattan’s financial district.

70 Hudson was vacant at the time of sale and the exit cap rate was 6.6 percent on stabilized 2016 cash NOI for 90 Hudson and taking into account a free rent credit. Net proceeds to the Gramercy equate to $184.8 million.

Previously, the properties were owned by Chambers Street, which merged with Gramercy Property Trust in a $2.4 billion deal in December

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