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New York

Newmark Knight Frank tapped to sell 18-story Newark office tower

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The owners of the 18-story office tower at 550 Broad Street in downtown Newark have brought on Newmark Knight Frank to sell the property, according to NJBiz. The brokerage plans to sell the property via its RealINSIGHT Marketplace for commercial real estate sales. The 270,000-square-foot, Brutalist-style building was built in 1966 and is within walking distance of Newark Penn Station. It also sits in an Opportunity Zone, according to Commercial Real Estate Direct, which notes that the property is owned by German investment manager Dr. Peters Group and Ridgewood, New Jersey-based Heritage Capital Group. Both invested $1.1 million in 2016 for a renovation of the building’s lobby and tenant amenity spaces that added a new fitness center and cafe. NKF’s Steven Schultz, Tony Georgiev, Josh Malka and Jeff Kolodkin are marketing the property, the firm said. [NJBiz]