Columbia Completes $175M Newark Office Sale
By
80 Park Plaza, Newark, N.J.
Newark, N.J.—Ten years after acquiring 80 Park Plaza in Newark, N.J., Columbia Property Trust has completed the disposition of the 973,000-square-foot office complex for $174.5 million. Relying on the marketing and representation assistance of commercial real estate services firm CBRE Group, the REIT sold the asset to a joint venture between Nightingale Properties and private real estate investor Simon Glick.
With the closing of the transaction, Columbia Property Trust bids adieu to Newark, but it’s a fond farewell. “80 Park Plaza was our sole asset in Newark, yet we were pleased to be able to benefit from that market’s improving fundamentals in order to reach our pricing target for the sale of the property,” Nelson Mills, president & CEO of Columbia Property Trust, told Commercial Property Executive…
