Gramercy Property Trust in $299M Sale of Jersey City Offices to Spear Street Capital

70 and 90 Hudson Street, Jersey City, NJ

JERSEY CITY, NJ—Gramercy Property Trust has sold 70 & 90 Hudson Street, twin class A office buildings on the Jersey City waterfront to Spear Street Capital for $299 million. The combined buildings total 858,000 square feet, making it the largest New Jersey office deal this year.

Cushman & Wakefield’s Metropolitan Area Capital Markets Group team of Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Andrew MacDonald represented Gramercy Property Trust, and procured the buyer.

“These are unique, irreplaceable assets, and this transaction is clearly the most significant deal to date in 2016,” says Merin, who notes that his team had orchestrated a previous sale of the subject properties in 2011.