PSEG’s N.J. Headquarters Sold For $174.5M

NEWARK, NJ — The owner of the building housing the Public Service Enterprise Group (PSE&G) corporate headquarters in Newark has sold the property for $174.5 million, according to a release.

CBRE Group Inc. announced Monday that the firm has brokered the multi-million sale of 80 Park Plaza in Newark for its client, Columbia Property Trust, to the buyer, a joint venture between New York-based Nightingale Properties and private real estate investor Simon Glick.

The 973,000-square-foot office complex has served as the headquarters for PSEG since 1979, and is currently 85 percent net leased to PSEG for more than 14 years, CBRE stated.

Nightingale and Glick plan to implement a new capital improvement program to enhance the lobby and amenities that may facilitate lease up and augment the net operating income, according to CBRE’s Jeffrey Dunne.

“The property’s long-term occupancy with PSEG provides stable cash flow with significant potential upside from the lease up of the top five floors,” Dunne said.

Photo: Beckerman PR

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