Veris Residential is using Gasthalter & Co. as it receives a hostile takeover bid from Kushner Cos.
The bulk of the Jersey City-based real estate investment trust’s properties are located in the Garden State. They include complexes such as Harborside and Port Imperial on the Hudson River overlooking Manhattan.
In his Oct. 20 letter to VR’s board of directors, Charles Kushner notes that he is willing to negotiate but has been “effectively ignored.”
He claims Veris has a bloated overhead and management with little experience in the management of multi-residential units.
Kushner also takes a swipe at Veris CEO London-based Mahbod Nia. “Veris cannot continue to be operated from Europe,” wrote Kushner.
Veris is evaluating Kushner Cos. $16-per-share offer.
Gashalter & Co. has Amanda Shipner and Grace Cartwright representing Veris.