American Realty Advisors has bought an office tower in New Jersey for $101m (€91.1m).

The manager said it bought 30 Montgomery Street in the Hudson Waterfront sub-market.

The 16-storey asset is 71.6% leased to 46 tenants and has been renovated in recent years.

Kirk Helgeson, CIO, said the company was attracted to the asset by the “rapidly transforming Hudson Waterfront sub-market”.

The area, he said, is benefiting from strong population growth and sustained residential development.

The purchase of the 315,385 sqft building follows a deal to invest $257m in a Chicago office scheme.