{"id":1004161593,"date":"2016-12-12T05:16:46","date_gmt":"2016-12-12T13:16:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004161593"},"modified":"2022-12-08T12:58:38","modified_gmt":"2022-12-08T20:58:38","slug":"newark-office-tower-commands-165m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/newark-office-tower-commands-165m\/","title":{"rendered":"Newark Office Tower Commands $165M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

Newark, N.J<\/strong>.\u2014An international entity advised by Arch Street Capital Advisors LLC has acquired Two Riverfront Plaza, a 337,500-square-foot, 12-story office tower in Newark, N.J., from SJP Properties and Matrix Development\u00a0for a reported $165 million.<\/p>\n

\"Two<\/a>

Two Riverfront Plaza, Newark, N.J.<\/p><\/div>\n

The tower serves as the U.S. headquarters for the Panasonic Corp. of North America, which occupies 10 of the tower\u2019s 12 stories. Floors three and four are currently available in their entirety, consisting of approximately 29,000 square feet each.<\/p>\n

\u201cWhen we built this trophy office building three years ago, we recognized that the Newark market was on the brink of an unprecedented transformation, and that our building would be at its forefront,\u201d\u00a0Steven Pozycki, SJP Properties\u2019 CEO, said in a prepared release. \u201cThis sale reflects the unparalleled quality of this building\u2014which resulted in tremendous interest among institutional-grade investors from all around the world\u2014as well as Newark\u2019s growing reputation as an established hub for global business.\u201d<\/p>\n

Two Riverfront Plaza features technologically advanced infrastructure and leading environmental sustainability, having achieved LEED Platinum certification for its interior and LEED Gold certification for its core and shell.<\/p>\n

The site features a two-story lobby, 462-space parking garage, full-service bank, post office, sundry shop, caf\u00e9 restaurant, 24\/7 manned security and a direct-connection pedestrian skyway to Newark Penn Station and the nearby Gateway complex, as well as an additional five acres of land available for future development.<\/p>\n

The CBRE team of Jeffrey Dunne, Darcy Stacom, Kevin Welsh, Brian Scott and Brian Schulz of CBRE Institutional Properties, in collaboration with Dudley Ryan of CBRE\u2019s East Brunswick office, represented the sellers in the transaction.<\/p>\n

\u201cSince we acquired One Riverfront plaza, formerly \u2018The Legal Center,\u2019 in 2001 and subsequently acquired the land now home to Two Riverfront Plaza, Matrix has been a believer and investor in Newark\u2019s ability to serve as a premier destination for global businesses like Panasonic,\u201d Joseph Taylor, Matrix Development Group\u2019s CEO, said in the release. \u201cWe\u2019ve been extraordinarily pleased to partner with SJP Properties to develop this best-in-class headquarters facility, and are now excited that CBRE has identified a top investor that recognizes this asset\u2019s superior market position.\u201d<\/p>\n

The property is situated approximately eight miles west of Manhattan and offers immediate access for employees and visitors by NJ TRANSIT railways and bus lines, Amtrak, PATH and the Hudson-Bergen Light Rail.<\/p>\n

\u201cThe sale of Two Riverfront Plaza demonstrates the continued demand for premier office assets in urban lifestyle environments with mass transit connectivity, such as Newark,\u201d Dunne said. \u201cAs the headquarters for\u00a0Panasonic Corporation of North America, one of Newark\u2019s most prominent corporate anchor tenants, this world-class building is well positioned to provide the owner with long-term value.\u201d<\/p>\n

Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The sale of Two Riverfront Plaza, home to Panasonic Corp., reflects the transformation of the Newark office market.<\/p>\n","protected":false},"author":451,"featured_media":1004161606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21742,10,21747],"tags":[32789,32779,33111,33112],"class_list":["post-1004161593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-latest","category-northeast","category-office","tag-cbre","tag-leed","tag-panasonic","tag-sjp-properties"],"acf":[],"yoast_head":"\nNewark Office Tower Commands $165M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/newark-office-tower-commands-165m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Newark Office Tower Commands $165M\" \/>\n<meta property=\"og:description\" content=\"The sale of Two Riverfront Plaza, home to Panasonic Corp., reflects the transformation of the Newark office market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/newark-office-tower-commands-165m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-12-12T13:16:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T20:58:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/12\/Two-Riverfront-Plaza.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/newark-office-tower-commands-165m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/newark-office-tower-commands-165m\/\",\"name\":\"Newark Office Tower Commands $165M - 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