Monday, October 24, 2011

New Jersey's Newport Tower Trades for Record Price

"They don't call it the Gold Coast for nothing.

In the largest sale of a single office property ever recorded in New Jersey, the 36-story, 1.05 million-square-foot Newport Tower at 525 Washington Blvd. on the Hudson River waterfront sold this week for $377.5 million.

The Multi-Employer Property Trust (MEPT), a $5.3 billion open-end commingled real estate equity fund, acquired the 90% leased office building through a limited partnership subsidiary from Brookfield Office Properties (NYSE:BPO).

According to CoStar information, the previous office property sales record for the state was held by 70 and 90 Hudson Street in Jersey City, a pair of office buildings in the same submarket as Newport Tower that were sold as a single asset to CBRE Investors by Hartz Mountain Industries for $310 million."
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