Veris Residential Inc. has completed its $420 million sale of Harborside 1, 2, and 3 Class A office buildings in Jersey City, New Jersey, releasing approximately $360 million of net proceeds.
“The sale of Harborside 1/2/3 represents a significant milestone and a critical step in the company’s transition to a pure-play multifamily company,” said Mahbod Nia, chief executive officer of Veris Residential. “The closing of this transaction completes over $2 billion of non-strategic asset sales during the past two years. As we approach the final stages of our transformation, our focus will be on concluding the few remaining non-strategic asset sales and working with our board to unlock the substantial value embedded in the company for our shareholders.”
With the Harborside 1/2/3 transaction complete, Veris Residential’s multifamily assets account for approximately 98% of the Company’s net operating income, up from 39% as of the end of the first quarter of 2021.
Cushman & Wakefield and CBRE arranged the transaction. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as financial advisors to Veris Residential on its strategic transformation.
