Intercontinental acquires 900 Monroe in Hoboken

Intercontinental Real Estate Corp., a national real estate investment, development, and management firm headquartered in Boston, Mass. arranged the joint venture purchase of 900 Monroe. The purchase was made on behalf of the Intercontinental's Investment Funds and led Mike Keyes, director, acquisitions. 900 Monroe is a 1.18 acre site that will be used for the development of an 11-story LEED Certified Gold residential/mixed-use tower. The property will be divided by 141,971 s/f of rental residential space and 13,400 s/f of retail space. Projected development costs are $82 million. Other amenities include a two-tier sun deck with pool, fitness center, and lounge area. Residential space includes one, two, and three bedroom layout options. Commented Intercontinental CEO, Peter Palandjian said, "We could not be more excited with our purchase of 900 Monroe, and look forward to creating a one-of-a-kind apartment building. Hoboken, as a market, presents every compelling investment dynamic we seek in a deal. I am confident that our partnership with Bijou will be a successful and lasting relationship. We look forward to more New Jersey purchases on behalf of Intercontinental's union and public pension investors, for whom we are grateful to work, create investment returns and fair wage and benefit jobs."