Veris Residential Completes $85M Office Asset Sale
The deal marks the firm's transition to a multifamily REIT.
The post Veris Residential Completes $85M Office Asset Sale appeared first on Commercial Property Executive.
The deal marks the firm's transition to a multifamily REIT.
The post Veris Residential Completes $85M Office Asset Sale appeared first on Commercial Property Executive.
The transaction reduces the company’s development cost by upward of $500 million.
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The tenant has occupied the building for more than a decade.
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A cosmetic company is the newest tenant at the 60-story skyscraper.
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This property is home to GAF Energy's second factory.
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The property previously traded in 2009.
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Veris CEO Nia is turning his attention to optimization with significant opportunities available for continued value creation.
The company will operate the 53,365-square-foot space under a management contract.
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Cushman & Wakefield arranged the sale of the newly completed development.
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Previous financing included a $73.1 million loan from Deutsche Bank.
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Proceeds will cover pre-construction costs for the two-tower project.
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Experience-driven workplace destinations are outperforming the rest, says Convene CEO Ryan Simonetti.
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