Verizon Sells Historic N.J. Bell Building In Newark

Newark, NJ – The historic New Jersey Bell Headquarters Building in Newark may soon undergo a drastic transformation into an apartment complex.

Verizon, which currently uses the building as its corporate headquarters, has sold the building at 540 Broad Street for $16.51 million to Halsey Central Associates, Essex County Place reported.

The building is listed on the U.S. National Register of Historic Places.

A “source familiar with the deal” told NJ.com that the new owner plans to convert its 436,000-square feet into a residential tower.

According to a portfolio from engineering firm Amara Associates, plans for the 540 Broad Street property include a full interior renovation that would convert the building into a 246-unit retail/residential complex with a fitness center, gym and bowling lanes.

According to New Jersey Board of Public Utilities records, the 20-story building was acquired in 1927 for $100.

Improvements to the property consist of the existing 427,720 square foot building and subsequent internal improvements at a total cost of $83.85 million, the NJBPU states.

The property is not income producing, and its 2015 assessed value was $38.14 million, the NJBPU stated in January.

Verizon plans to lease floors 2, 3, 6, 7, 10 and 11 of the building for a period of one year from the date of closing “in order to have sufficient time to relocate its business operations to other locations,” the NJBPU report states.

The NJBPU approved the sale in January.

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File photo: Wikimedia Commons

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