Columbia Property Trust, Inc. (NYSE: CXP) today announced that it has completed the sale of 80 Park Plaza, a Class-A office property located in downtown Newark, NJ, to Nightingale Properties for $174.5 million in gross proceeds. Columbia will use proceeds from the sale to repay borrowings on its unsecured credit facility and for reinvestment in its target markets.
This latest property sale advances Columbia’s previously announced plan to dispose of roughly $700 million to $1 billion of non-core assets, with approximately $532 million in assets already sold in 2016.
One of the largest office towers in New Jersey’s largest city, 80 Park Plaza is a 973,000-square-foot, Class-A office property that houses the headquarters of PSEG, New Jersey's largest provider of electric and gas service. As of August 31, 2016, the property was 85 percent leased. Columbia acquired 80 Park Plaza in 2006.
Columbia’s greater New York portfolio now includes 229 W. 43rd Street, 315 Park Avenue South, and 222 East 41st Street in Manhattan and 95 Columbus, which is located in Jersey City’s Hudson Waterfront submarket.
“We are pleased to have completed the sale of 80 Park Plaza in Newark, and at pricing within our expected range,” noted Nelson Mills, President and CEO of Columbia Property Trust. “This transaction brings us to over $500 million of completed dispositions in 2016 and represents another significant step as we continue to focus on our core markets.”
About Columbia Property Trust
Columbia Property Trust (NYSE: CXP) owns and operates Class-A office buildings in competitive, primarily CBD locations, and over half our investments are in high-barrier-to-entry, primary markets. Our $5 billion portfolio includes 24 office properties containing 11.4 million square feet and one hotel, concentrated in San Francisco, New York, and Washington, D.C. For more information about Columbia, which carries an investment-grade rating from both Moody’s and Standard & Poor’s, please visit columbia.reit.
