LNR Sells Iconic Office Tower in New Jersey

By Veronica Grecu

Newark, N.J.—Florida-based LNR Property, a subsidiary of Starwood Property Trust, recently sold the 450,000-square-foot office asset at 33 Washington St. in downtown Newark, roughly 8 miles west of downtown Manhattan.

33 Washington St., Newark, N.J.

The HFF team comprising Jose Cruz, senior managing director, Kevin O’Hearn, managing director, as well as Stephen Simonelli and Michael Oliver, directors, negotiated the sale on behalf of LNR Property. Financial terms of the transaction remained undisclosed. Berger Organization, whose portfolio includes more than 2 million square feet of office space throughout northern New Jersey and New York City, purchased the office high-rise free and clear of existing debt.

“We were very pleased with the execution of 33 Washington and believe the buyer will benefit from the positive momentum underway in Newark and the current tenant demand for the property,” Jose Cruz said in prepared remarks.

Situated on 1.6 acres across the street from Washington Park and within walking distance to the Newark Broad Street commuter light rail and Newark Penn Station, the 18-story building was completed in 1970 and is considered one of the highest valued commercial properties in the city. The property was once fully occupied by health insurance company Blue Cross and Blue Shield of New Jersey, and is now anchored by DHL and Audible.

The list of amenities at 33 Washington St. includes an on-site conference center, eight elevators, a fitness center, central restrooms, as well as a grade level parking garage for 240 vehicles.

Image courtesy of Yardi Matrix