540 Broad Street
Newark, NJ 07102 ·
373,128 SF · Office For Sale
Former Verizon Headquarters Building
|Price||N/A||Property Use Type||Vacant/Owner-User|
|Building Size||373,128 SF||Building Class||B|
|Property Type||Office||Year Built||1929|
|Property Sub-type||Office Building||Lot Size||0.77 AC|
|Listing ID: 16139033||Date Created: 03/10/2009||Last Updated: 07/12/2012|
VZREALESTATE. **Sealed Bid Sale Offering**Verizon New Jersey Inc. has retained Grubb & Ellis Company to sell its 100% fee simple interest in 540 Broad Street, Newark, Essex County, New Jersey. The offering represents a unique value-added opportunity to acquire a 20-story, 373,128 rentable square foot historic office tower in the Washington Park Section of the Central Business District, at a price well below replacement cost. Over $61 million in renovations have been completed in the building. In addition, Verizon New Jersey Inc. and its affiliate, Verizon Global Networks, Inc., will leaseback 213,416 rentable square feet (approx. 57% of the buildings rentable area). The property qualifies for the Urban Transit Hub Tax Credit Program whereby capital improvements and rent payments may be offset by tax credits creating a competitive advantage in securing tenants over competing properties for lease. The property provides for immediate access to the NJ Light Rail with connections to Broad Street and Penn Stations.Parking Description: 435
Walk to Newark Penn and Broad Street NJ Transit Stations; light rail station at building.
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