{"id":1004154438,"date":"2016-10-05T01:31:09","date_gmt":"2016-10-05T09:31:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004154438"},"modified":"2020-04-06T05:55:22","modified_gmt":"2020-04-06T13:55:22","slug":"columbia-completes-175m-newark-office-sale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/columbia-completes-175m-newark-office-sale\/","title":{"rendered":"Columbia Completes $175M Newark Office Sale"},"content":{"rendered":"<p>By Barbra Murray, Contributing Editor<\/p>\n<div id=\"attachment_1004154484\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/80-Park-Plaza-Newark-N.J..jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004154484\" data-attachment-id=\"1004154484\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/columbia-completes-175m-newark-office-sale\/80-park-plaza-newark-n-j\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/80-Park-Plaza-Newark-N.J..jpg\" data-orig-size=\"640,512\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"80 Park Plaza, Newark, N.J.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;80 Park Plaza, Newark, N.J.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/80-Park-Plaza-Newark-N.J..jpg?w=640\" class=\"wp-image-1004154484 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/80-Park-Plaza-Newark-N.J..jpg\" alt=\"80 Park Plaza, Newark, N.J.\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/80-Park-Plaza-Newark-N.J..jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/10\/80-Park-Plaza-Newark-N.J..jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004154484\" class=\"wp-caption-text\">80 Park Plaza, Newark, N.J.<\/p><\/div>\n<p><strong>Newark, N.J.<\/strong>\u2014Ten years after acquiring 80 Park Plaza in Newark, N.J., <a href=\"https:\/\/columbia.reit\/\" target=\"_blank\" rel=\"nofollow\">Columbia Property Trust<\/a>\u00a0has completed the disposition of the 973,000-square-foot office complex for $174.5 million. Relying on the marketing and representation assistance of commercial real estate services firm <a href=\"https:\/\/www.cbre.com\/\" target=\"_blank\" rel=\"nofollow\">CBRE Group<\/a>, the REIT sold the asset to a joint venture between\u00a0<a href=\"https:\/\/thenggroup.com\/\" target=\"_blank\" rel=\"nofollow\">Nightingale Properties<\/a> and private real estate investor Simon Glick.<\/p>\n<p>With the closing of the transaction, Columbia Property Trust bids adieu to Newark, but it\u2019s a fond farewell. \u201c80 Park Plaza was our sole asset in Newark, yet we were pleased to be able to benefit from that market\u2019s improving fundamentals in order to reach our pricing target for the sale of the property,\u201d Nelson Mills, president &amp; CEO of Columbia Property Trust, told <em><a href=\"https:\/\/www.commercialsearch.com\/news\/\" target=\"_blank\">Commercial Property Executive<\/a><\/em>.<\/p>\n<p>It was in 2006 when Columbia Property Trust, then Wells Real Estate Investment Trust II, took 80 Park Plaza off the hands of Lehman Brothers in a $147.5 million deal. A decade later, the Class A asset attracted more than a few suitors. \u201cThe investment community responded quite well to this opportunity and to the Newark market overall,\u201d Jeff Dunne, vice chairman with CBRE, told <em>CPE<\/em>. \u201cWe received significant interest from a combination of fund investors and private investors, which led to a number of competitive offers, and we went with the one that we felt was best.\u201d<\/p>\n<p>Developed in 1979, 80 Park Plaza consists of a 26-story <a href=\"https:\/\/www.commercialsearch.com\/news\/office\/\" target=\"_blank\">office tower<\/a> and a three-story plaza structure, and holds the distinction of being one of the largest office properties in the Garden State. The complex is approximately 85 percent leased, with Public Service Enterprise Group heading up the tenant roster. The energy provider maintains its roughly 825,000-square-foot headquarters under a lease that expires at the close of 2030. The package proved irresistible.<\/p>\n<p>\u201cThe long-term lease with PSE&amp;G along with their credit were very attractive to prospective buyers.\u00a0 As you would expect, we had a broad range of interest, both in terms of the numbers of bidders as well as the nature and return objectives of the capital sources,\u201d Mills added.<\/p>\n<p>In addition to the premier anchor tenant,\u00a080 Park Plaza offers the opportunity to lease five top floors at higher rates in a market that is on the upswing. The average asking rate for office space in New Jersey has increased consistently for the last 11 quarters, according to a second quarter report by CBRE, reaching $25.56 per square foot in the second quarter.<\/p>\n<p>\u201cNewark is definitely on an upward trend and experiencing very positive change,\u201d noted Dunne. \u201cThe city continues to benefit from a dedicated base of corporate tenants, including Panasonic and Prudential, and a growing number of national retailers, including Nike, Whole Foods and Starbucks. In addition, the university community in the city is growing. We can expect to see further interest and investment in Newark as the city continues to become a better place to work and live.\u201d<\/p>\n<p>Columbia Property Trust has its reasons for exiting the increasingly coveted Newark office market. The sale of 80 Park Plaza is in line with the REIT\u2019s portfolio repositioning. It\u2019s a strategy that calls for the disposition of $700 million to $1 billion of assets that no longer fall into the company\u2019s core markets. \u201cWe have chosen to focus on a few select high-barrier markets that have demonstrated sustained demand and a track record of high performance over the long-term\u2014primarily Manhattan, San Francisco, and Washington, D.C.\u2014and we have concentrated our portfolio and team in those markets in order to maximize our impact there,\u201d Mills said.<\/p>\n<p>80 Park Plaza, under its new ownership, will get a makeover courtesy of a new capital improvement program.<\/p>\n<p><em>Image\u00a0courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The asset was acquired by a partnership between Nightingale Properties and private real estate investor Simon Glick.<\/p>\n","protected":false},"author":969,"featured_media":1004154484,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1600,21742,10,21747],"tags":[],"class_list":["post-1004154438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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