Veris Residential sells class A office buildings in New Jersey for $420m

Veris Residential, an environmentally and socially conscious REIT, has sold its Harborside 1, 2 and 3 class A office buildings in Jersey City, N.J., for $420 million.

Following the transaction, Veris Residential’s multifamily assets account for around 98 percent of the company’s net operating income, up from 39 percent at the end of first quarter 2021.

In connection with closing of the transaction, the company exercised its right to purchase and redeem the preferred units and certain other ownership interests from Rockpoint Group and its affiliates in Veris Residential Trust. Veris Residential also terminated its revolving credit and term loan agreement.

“The sale of Harborside 1/2/3 represents a significant milestone and a critical step in the company’s transition to a pure-play multifamily company,” said Mahbod Nia, CEO of Veris Residential. “The closing of this transaction completes over $2 billion of non-strategic asset sales during the past two