NEWARK, NJ—SJP Properties and Matrix Development have sold Two Riverfront Plaza in Newark, NJ. An international entity advised by Arch Street Capital Advisors acquired the property, which is fully leased on a long-term basis to Panasonic Corporation of North America for the electronics company's US headquarters.

“When 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,” says Steven J. Pozycki, CEO of SJP Properties. “This sale reflects the unparalleled quality of this building – which resulted in tremendous interest among institutional-grade investors from all around the world – as well as Newark's growing reputation as an established hub for global business. We're extremely proud to have delivered a building that has helped to put this city on the radar of international investors.”

A 337,500-square-foot, 12-story office tower designed to world-class standards, Two Riverfront Plaza was developed by SJP and Matrix for Panasonic in 2013. The building 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. The larger mixed-use project features a two-story lobby, 462-space parking garage, full-service bank, post office, sundry shop, café 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.