Wells Real Estate Investment Trust II Inc. purchased the International Financial Tower in Jersey City, N.J., for an undisclosed price.
The 629,922-square-foot building, located at 95 Christopher Columbus Drive, is the headquarters of Pershing LLC, a service provider to the financial industry, owned by Bank of New York. It was constructed in 1989 for a predecessor firm of Pershing.
The property was 100 percent leased at the time of sale — including 75 percent by Pershing, under lease to 2021.
“This is a fine addition to the Wells REIT II portfolio — a true class A property in a desirable financial center with a very strong lead tenant,” said David Steinwedell, chief investment officer for Wells Real Estate Funds. “The Hudson Waterfront submarket is showing strong office absorption, and we feel very good about this area.”
This is Wells REIT II’s second major acquisition in northern New Jersey in recent weeks. In September, the REIT acquired 80 Park Plaza in Newark, the headquarters of Public Service Electric and Gas Co.
The seller is a closed-end real estate fund set up by CommerzLeasing und Immobilien Group, based in Germany.
Wells REIT II is a public, nontraded REIT specializing in office properties, and now has 55 buildings in 18 states, including Washington, D.C.