N.J. office portfolio sells for $420m

Veris Residential has entered into a binding agreement to sell Harborside 1, 2 and 3 for an aggregate price of $420 million and completed its sale of 101 Hudson Street for $346 million.

"These are significant milestones in our transition to a pure-play multifamily company," said Mahbod Nia, CEO, Veris. "I would like to thank the Veris Residential team for their perseverance and tenacity, which have allowed us to continue making progress on our strategic goals despite an extremely challenging market environment. Looking ahead, the sizable proceeds anticipated from these transactions provide the company with meaningful liquidity and optionality as we enter the next phase of our transformation."

Tammy K. Jones, board chair, added, "With our exit of the office sector nearly complete, we intend to continue streamlining operations as we become a pure-play multifamily REIT with a more resilient cash flow profile. In addition, notwithstanding the extraordinary market dislocati