Multifamily REIT Veris Residential has announced the completion of its $420 million sale of Harborside 1, 2, and 3, Class A office buildings in Jersey City, NJ. Net proceeds are approximately $360 million.
The transaction completes over $2 billion of non-strategic asset sales during the past two years for Veris Residential and marks a milestone in its transition to a pure-play multifamily company, CEO Mahbod Nia said.
With the transaction, Veris Residential's multifamily assets now account for approximately 98% of the company's net operating income, up from 39% as of the end of the first quarter of 2021.
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