Chambers Street Properties to Sell 70 & 90 Hudson Street for $299 Million

On Nov 13, 2015

Chambers Street Properties, a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, announced it has entered into agreements to sell the Company’s 70 Hudson Street (“70 Hudson”) and 90 Hudson Street (“90 Hudson”) office buildings located in Jersey City, New Jersey for an aggregate sales price of $299 million. The transaction is expected to close in the first quarter of 2016, subject to customary closing conditions.

At closing, Chambers Street intends to prepay mortgage debt on 70 Hudson of approximately $112 million and assign a loan to the buyer of 90 Hudson for approximately $102 million. The Company retains an option to prepay mortgage debt on 90 Hudson prior to closing, which, if exercised, would increase the aggregate sales price by an additional $5 million.

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