Mack-Cali Set to Sell Jersey City Office Tower for $380 Million
In one of New Jersey's largest office transactions, Mack-Cali Realty has a deal to sell a Jersey City high-rise for $380 million to The Birch Group, which has been snapping up properties in the Garden State.
The 42-story, Art Deco-inspired office tower at 101 Hudson Street spans 1.2 million square feet and is one of the tallest buildings in Jersey City. It sits in a prime location, close to the Exchange Place New Jersey PATH station and with views of the Manhattan skyline, New York Harbor and the Statue of Liberty from its upper floors.
The deal, reported to close in the next 30 days at $380 million, would appear to break the state's record for the largest single-office property transaction, which dates back to October 2011. That's when Newport Tower at 525 Washington Blvd. in Jersey City was purchased for $377.5 million by Sun Life Institutional Investors of Washington, D.C., from Brookfield Office Properties of New York.
In 2020, developer LeFrak sold a Hudson River waterfront property, Newport Office Center IV at 545 Washington Blvd., also in Jersey City, for $372.8 million.
As of late, multiple-building office properties have fetched high sums. Last year a six-property office campus in Florham Park traded for $311 million. And in December 2018 an office complex in Newark, Gateway Center, sold for $325 million.
The Marmarou Team continues to market a number of other development sites in Jersey City. They are currently marketing;
For more information, feel free to contact the team directly at TheMarmarouTeam@b6realestate.com
Mack-Cali Set to Sell Jersey City Office Tower for $380 Million
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