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Verizon NJ Sells HQ Building

NEWARK-The landmark 450,000-sf art deco structure in this city's downtown will now belong to Accordia Realty.

By Eric Peterson | Updated on February 25, 2008

NEWARK-Verizon New Jersey is under contract to sell its downtown headquarters building here to Accordia Realty Ventures. The landmark 20-story, 450,000-sf art deco building at 540 Broad St., which dates to the late 1920s, was officially put on the market late this past summer as part of a three-building portfolio . The offering was tied to Verizon NJ’s need to restructure its real estate holdings in the Garden State.

Both sides declined to reveal the sale price, but industry sources put the number around $35 million. If correct, that number would factor out to about $78 per sf. In terms of financing, “we’re going to be looking for institutional debt, and we’ve got private equity for the deal,” Accordia partner Joseph Romano tells GlobeSt.com.

“The deal is not complete,” Romano says, noting that it still needs approval by the state Board of Public Utilities, and there are other contingencies. “But we’re excited about it. It’s a phenomenal landmark building.”

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