“We felt that this deal fit in line with our five-year strategy of acquiring assets in secondary and tertiary markets to get us to 100,000 units,” says Alex Arguelles, Tzadik Management's chief investment officer.
The Hudson Waterfront and Somerset/I-78 East Corridor weighed heavily on the market, and, as a result, the office sector overall registered its slowest first quarter in more than two decades.
Continued expansion and diversity of the economy, and the area's strong job sector—combined with the MSA's most available contiguous class-A office space—is a dual advantage of International Plaza I and II.