Veris Residential has entered into an agreement to sell Harborside 1, 2, and 3 for an aggregate price of $420 million and completed its sale of 101 Hudson Street for $346 million.

The sale of 101 Hudson Street is one of the largest single-asset office sales in New Jersey history, says Cushman & Wakefield's Andy Merin, who helped broker the deal. It "is a historic transaction, made even more significant due to the challenging investment sales environment, with deals of this size and caliber rarely closing in any markets across the country right now."

Veris has been steadily shedding its office assets since the beginning of 2021 as part of its push to become a pure play multifamily company. "Looking ahead, the sizable proceeds anticipated from these transactions provide the company with meaningful liquidity and optionality as we enter the next phase of our transformation," says CEO Mahbod Nia.