October 3, 2016
Columbia Property Trust, headquartered in Brooklyn, closed on the sale of 80 Park Plaza, a 973,000-square-foot office property in Newark, NJ. Buyer Nightingale Properties paid $174.5 million for the building, which is one of Newark’s largest.
The property houses the headquarters of PSEG, New Jersey’s largest provider of electric and gas service. Columbia acquired the asset, now 85% leased, in 2006. The sale is part of Columbia’s plan to dispose of between $700 million and $1 billion of non-core assets. The REIT has sold approximately $532 million in assets so far this year.
Columbia will use proceeds from the most recent sale to repay borrowings on its unsecured credit facility, and for reinvestment in its target markets.
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