The sale of Harborside 5, a sprawling one-million-square-foot office tower in the heart of Jersey City, N.J., by Veris Residential represents a significant transaction in the New Jersey commercial real estate market. 601W Cos. LLC, a New York-based firm, acquired Harborside 5 for a reported $85M. Last year, the firm purchased Harborside 1, 2, and 3 for a reported $420 million, in a transaction in which they were also represented by Skoloff & Wolfe. Following the acquisition of Harborside 5, 601W Cos. increased its office property holdings, while Veris Residential achieved its stated objective of becoming a pure-play multifamily operator, having now sold its final office holding.
In the transaction, David Wolfe of Skoloff & Wolfe, P.C., was pleased to represent the buyer. “Congratulations to the teams at both Veris Residential and 601 West for executing this significant transaction in a challenging environment. It represents an exciting next step for 601 West as they expand their office holding in Jersey City and a successful conclusion to Veris’ emergence as a multifamily operator,” says David.
Commercial Real Estate Tax Guidance
In transactions of this size, the right property tax counsel becomes especially important. Skoloff & Wolfe, P.C. provides property tax underwriting and due diligence on billions of dollars of transactions, annually.* “We are often called upon to provide counsel to prospective buyers in the ever-evolving Jersey City property tax landscape. We strive to provide up-to-date, detailed data-driven analysis to our clients so they can best understand the potential impact of their acquisitions.”
The Right Property Tax Counsel is Key
Skoloff & Wolfe, P.C. is well-versed in the area of property tax law. The Tax Department has litigated the value of virtually every type of commercial, industrial, and multi-family property. Our attorneys also frequently counsel clients regarding property tax exemption matters, long-term abatements, and PILOTs. Our clients include developers, management companies, financial institutions, REITs, hospitals, universities, religious institutions, private equity firms, and insurance companies.
*Client results may vary depending on facts and legal circumstances.
