NEWARK, NJ—Columbia Property Trust has sold 80 Park Plaza, a class-A office property in downtown Newark, NJ, that houses the headquarters of PSEG, New Jersey's largest electric and gas utility, to Nightingale Properties and private investor Simon Glick 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.
This latest property sale advances Columbia's previously announced plan to dispose of roughly $700 million to $1 billion of non-core assets, with approximately $532 million in assets already sold in 2016.
As of August 31, 2016, the 973,000-square foot property was 85-percent leased. Columbia acquired 80 Park Plaza in 2006.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
