Downtown Newark Office Tower Changes Hands
- Mar 20, 2017
Newark, N.J.— Berger Organization has recently acquired 33 Washington St., a 450,000-square-foot office tower located in downtown Newark. HFF marketed the property on behalf of the seller, LNR Property. The transaction was completed in mid-January.
The 18-story Class A property was completed in 1970 and was built for Horizon Blue Cross/Blue Shield. Situated on a 1.6-acre site, at the northern end of the city’s central business district, the building is located in the James Street Commons Historic District, being surrounded by landmarks such as the Newark Museum, John Ballantine House and Newark Public Library.
The asset offers convenient access in the area through interstates 88 and 280, state routes 1, 9 and 21, the New Jersey Turnpike and Garden State Parkway, all nearby. Additionally, Newark Broad Street commuter light rail is just two blocks away and Newark Penn Station is half a mile away.
The multi-tenant tower features a fitness center, conference rooms, on-site grade-level parking, granite lobby, standard ceilings, common area Wi-Fi and a load factor of 21 percent.
According to Yardi Matrix data, the asset last traded in 2013, when LNR Property bought the property from Savitar Realty Advisors and foreclosed a CMBS loan in the original amount of $54.5 million, placed in 2005.
“We are excited to add this iconic building to our portfolio,” said Miles Berger, chairman & CEO of Berger Organization, in a prepared statement. “The demand for high-quality office space in the city continues to grow and 33 Washington’s excellent location and amenities make it a highly attractive address.”
Image courtesy of Berger Organization