JERSEY CITY-Months after selling its trophy properties at 70 and 90 Hudson Street here in the largest per-square-foot office deal in state history, Hartz Mountain Industries has acquired the one-acre site at 99 Hudson Street for $35 million from Bank of America.
The location is part of the Colgate Center redevelopment pioneered by Hartz in 1997. “The market dictated that Bank of America dispose of the asset,” Hartz Mountain spokesman Ron Simoncini tells GlobeSt.com. “They’ve had many, many developers look at the property.”
Earlier this year, Hartz sold 70 and 90 Hudson Street for $310 million to CB Richard Ellis Realty Trust, in the highest per-square-foot deal in state history.
“The market questioned whether we had fallen out of love with Colgate Center when we sold 70 and 90 Hudson Street – but quite the contrary, we became more enthusiastic than ever,” says Emanuel Stern, president and COO of Hartz Mountain, in a prepared statement. “99 Hudson marks another generation of development on the Hudson River waterfront.”
Bank of America acquired the tract when it purchased Merrill Lynch in 1999. It had intended to build an office tower for its back offices, but the plans did not come into fruition. Currently a parking lot, the site is zoned for commercial use under the Colgate Center master plan, Simoncini says.
Hartz Mountain has not decided its plan for the tract. The company has some 100 acres of undeveloped land around New Jersey, Simoncini says. “We’re at the beginning of a process,” Simoncini says. “That will lead to a plan.”
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