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

Mar.March 05, 2019 01:57 PM

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]

Related Articles

New Jersey Gov. Phil Murphy, New York Gov. Andrew Cuomo and Connecticut Gov. Ned Lamont (Credit: Murphy by Bennett Raglin/Getty Images for Montclair Film; Cuomo by Spencer Platt/Getty Images; Lamont by Bonnie Biess/Getty Images for SiriusXM)

Cuomo joins forces with Connecticut, NJ governors to combat coronavirus

Lucy the Elephant is for rent (Credit: iStock)

New Jersey’s most famous zoomorphic attraction is up for rent on Airbnb

An aerial view and a rendering of The Element at 400 Claremont Avenue (Credit: Google Maps)

Jersey City mixed-use project lands $120M in financing

Meadowlands Arena (Credit: Google Maps and iStock)

NBC spends $750K to transform arena in New Jersey swamp

Triplemint’s David Walker and John Scipione with Hoboken, New Jersey (Credit: iStock)

Triplemint expands to New Jersey

Thor's Joseph Sitt and the New Jersey Center of Excellence

Thor is breaking into the life sciences industry

Before demolition. the historic home at 44 Pleasant Avenue was on the market for $10 (Credit: Montclair Township, iStock)

A home listed for 10 dollars, but no one wanted it

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news