The Property consists of an 18-story, 381,516-square foot office building and 241 parking spaces
located in two surface lots. One Washington Park is an institutional-quality office high-rise attractively designed with a reflective glass and red brick façade. The building was originally developed as a build-to-suit for Verizon (Bell Atlantic) as their regional network headquarters under a 20-year lease. This tenant recently vacated the Property to consolidate into an owned building across the street at 540 Broad Street. Currently, the Property is leased by three tenants: MAKRO leases 3,300 square feet, K&M Gifts (retail tenant) occupies 921 square feet on the ground floor and Gann Law Books leases 4,800 square feet on the 15th floor. One Washington Park can accommodate an additional 180,000 square feet of development on site.
One Washington Park is located at the intersection of Washington and Broad Streets in downtown Newark, with immediate access to Interstate 280 and close proximity to Route 21, the NJ Turnpike, the Garden State Parkway, Interstate 78 and Routes 1, 9 and 22. The surrounding area is of significance and further emphasizes its strategic location. The Newark Public Library is located on the adjacent parcel, and Riverfront Stadium is one block east. One block north, the NJ Transit trains stops at the Newark Broad Street Station, providing transportation throughout NJ and to New York Penn Station. One block south, the Newark Museum offers an array of art and science collections, exhibitions, programs and educational resources. One block east, the NJ Performing Arts Center (NJPAC) is a 250,000-square foot cultural center that hosts performances for dance, drama, opera, musicals, and other events. Neighboring institutions include Rutgers University Law School, Essex County College, NJ Institute of Technology and St. Michael s Hospital. Major corporations in the immediate area include Prudential, IDT, Verizon, PSE&G and Matthew Bender & Company.