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We're starting to get the feeling that pension funds are taking over the world. On behalf of Multi-Employer Property Trust, Bentall Kennedy has purchased the 1M SF Newport Tower in Jersey City from Brookfield Office for $377.5M—the Garden State's largestsingle-office asset sale ever.
Regina Snyder, Linda Aronson, and jeanette Flory-Sagan at NJPAC on Oct. 18, 2011
Bentall Kennedy principal Jeanette Flory-Sagan (right, with JLL'sRegina Snyder and Linda Aronson at a JLL event Tuesday at NJPAC) told us the deal closed on Monday. Built in '90, the 36-story, LEED Gold tower is 89% leased to financial services firms and the like, notably AXA Equitable. This deal brings the $5.3B MEPT fund over $1B in 2011 acquisitions. Jersey City Economic Development Corp real estate director Dan Frohwirth told us this morning that this building has sold multiple times, always for more money. This and other high-flying sales are always good for JC, painting it as a prominent place to be. CBRE's Jeff Dunne, Kevin Welsh, Brian Schulz, Darcy Stacom, and Bill Shanahan repped Brookfield, and their firm will stay on to handle property management and leasing.