One of New Jersey’s largest office buildings has been sold.
Columbia Property Trust, Inc., an Atlanta-based real estate investment trust, has completed the sale of 80 Park Plaza, a Class-A office property located in downtown Newark, NJ, to Nightingale Properties for $174.5 million in gross proceeds. Columbia will use proceeds from the sale to repay borrowings on its unsecured credit facility and for reinvestment in its target markets.
One of the largest office towers in New Jersey’s largest city, 80 Park Plaza is a 973,000-square-foot, Class-A office property that houses the headquarters of PSEG, New Jersey’s largest provider of electric and gas service. The property is 85 percent leased and was acquired by Columbia in 2006.
Columbia Property Trust owns 24 offices and its greater New York portfolio now includes the former NY Times Building at 229 W. 43rd Street, 315 Park Avenue South, and 222 East 41st Street in Manhattan and 95 Columbus, which is located in Jersey City’s Hudson Waterfront.
“We are pleased to have completed the sale of 80 Park Plaza in Newark, and at pricing within our expected range,” noted Nelson Mills, President and CEO of Columbia Property Trust. “This transaction brings us to over $500 million of completed dispositions in 2016 and represents another significant step as we continue to focus on our core markets.”