{"id":1004707667,"date":"2024-03-26T05:47:52","date_gmt":"2024-03-26T13:47:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004707667"},"modified":"2024-03-26T06:08:36","modified_gmt":"2024-03-26T14:08:36","slug":"veris-residential-completes-85m-office-asset-sale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/veris-residential-completes-85m-office-asset-sale\/","title":{"rendered":"Veris Residential Completes $85M Office Asset Sale"},"content":{"rendered":"\n

<\/p>\n\n\n

\n
\"Harborside\n\t\t\t\n\t\t\t\t\n\t\t\t<\/svg>\n\t\t<\/button>
Harborside 5 rises 33 stories in Jersey City’s waterfront district.
 Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n

Veris Residential has completed the sale of Harborside 5, a 1 million-square-foot office tower in Jersey City, N.J., to 601W Cos. The deal, initiated last month, marks the firm’s transition to a multifamily REIT. <\/p>\n\n\n\n

The buyer paid $85 million for the asset, The Real Deal <\/em>reported, and the transaction involved a $65 million first-mortgage senior acquisition loan provided by Northwind Group. Some $45 million capitalized the purchase, while the rest are meant for an accretive leasing program.<\/p>\n\n\n\n

This acquisition follows 601W Cos.’ purchase of Harborside 1, 2 and 3 from Veris in a $420 million portfolio transaction<\/a> last year. These assets originally came online in 1929 as industrial buildings and were converted to office space in 1982. The new owner has already begun upgrading these properties.<\/p>\n\n\n\n

Completed in 2002, the 33-story Harborside 5 underwent a cosmetic renovation in 2018. The building has floorplates averaging 87,500 square feet and includes some 9,500 square feet of retail space, according to CommercialEdge data. Regus and Hudson Cove are two of the property’s tenants.<\/p>\n\n\n\n

Located at 5 Harborside Plaza, the office tower is within Jersey City’s waterfront district and near downtown. The property is also adjacent to the Exchange Place PATH train and ferry stations.<\/p>\n\n\n\n

New Jersey office sales slow down<\/h2>\n\n\n\n

Throughout 2023, more than 9.3 million square feet of office space have changed hands across 61 sales in the New Jersey market for a total investment volume of more than $1.2 billion, CommercialEdge information shows. These figures represent a significant drop from the previous year, when 121 assets traded for a combined total of nearly $3.4 billion. <\/p>\n\n\n\n

As 2024\u2019s first quarter is coming to a close, there have been 10 office sales registered in the metro so far this year for a combined $212 million, according to the same source. Harborside 5 was the largest property to change hands.<\/p>\n","protected":false},"excerpt":{"rendered":"

The deal marks the firm’s transition to a multifamily REIT.<\/p>\n","protected":false},"author":3120,"featured_media":1004707668,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1600,21742,10,21747],"tags":[40480,34217],"class_list":["post-1004707667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-northwind-group","tag-the-601w-companies"],"acf":[],"yoast_head":"\nVeris Residential Completes $85M Office Asset Sale - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Veris Residential has sold Harborside 5, a 1 million-square-foot office tower in Jersey City, N.J., to 601W Cos.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/veris-residential-completes-85m-office-asset-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Veris Residential Completes $85M Office Asset Sale\" \/>\n<meta property=\"og:description\" content=\"Veris Residential has sold Harborside 5, a 1 million-square-foot office tower in Jersey City, N.J., to 601W Cos.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/veris-residential-completes-85m-office-asset-sale\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-26T13:47:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-26T14:08:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Harborside-5-e1711448585327.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Radu Corfus\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/veris-residential-completes-85m-office-asset-sale\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/veris-residential-completes-85m-office-asset-sale\/\",\"name\":\"Veris Residential Completes $85M Office Asset Sale - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/veris-residential-completes-85m-office-asset-sale\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/veris-residential-completes-85m-office-asset-sale\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Harborside-5-e1711448585327.jpg\",\"datePublished\":\"2024-03-26T13:47:52+00:00\",\"dateModified\":\"2024-03-26T14:08:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a04f9fc8d7ed936167c8786eb77e39c2\"},\"description\":\"Veris Residential has sold Harborside 5, a 1 million-square-foot office tower in Jersey City, N.J., to 601W Cos.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/veris-residential-completes-85m-office-asset-sale\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/veris-residential-completes-85m-office-asset-sale\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/veris-residential-completes-85m-office-asset-sale\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Harborside-5-e1711448585327.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Harborside-5-e1711448585327.jpg\",\"width\":1000,\"height\":750,\"caption\":\"Harborside 5 rises 33 stories in downtown Jersey City. 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