CBRE Group Inc. announced today that it has facilitated the $4.1 million sale of 200 Washington Street, a 30,000-square-foot property located in Newark, New Jersey.
The owner was represented by Dudley Ryan, senior vice president and Kadeem Goodall-Reid, associate, of CBRE’s Saddle Brook, New Jersey office. The team procured a buyer that paid a competitive price for the asset and plans to immediately invest in interior capital improvements.
“Investors are truly recognizing the value that the Newark market offers as New Jersey’s largest and most connected city, which is reflected by the market-leading price per square foot paid by the buyer in this particular transaction,” said Mr. Ryan.
Located in the central business district near the University Heights neighborhood of Newark, 200 Washington Street sits in proximity to Rutgers University, Essex County College. The two-story building features two continuous bands of windows and a large atrium, which provides an abundance of natural light.
Mr. Ryan continued: “As Newark continues to emerge as a dynamic place to work and live, we fully expect to see this type of investment activity and tenant commitment continue.”
The same CBRE team is currently marketing “The Sandstone Building,” an architectural gem located at 36-40 Clinton Street that was built in the early 1900s. The historic building was previously home to Seton Hall University Law School. The 25,654-square-foot building is located within the area known as Newark’s “Billion Dollar Triangle,” steps away from the Gateway Complex, Newark Penn Station, The Prudential Center and the New Jersey Performing Arts Center. “In addition to being a great building, it has its own parking lot.” Said Ryan. “We’ve had a lot of positive interest.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
