200 Washington St, a two-story building in Newark, sold for a whopping $4.1 million. The property is located in the central business district near the Rutgers University Newark campus and Essex County College. The sale was facilitated by CBRE Group, Inc.
The property features two continuous bands of windows and a large atrium that provides an abundance of natural light. At 30,000-square-feet, the building sale achieved a market-leading price per square foot. The buyer of the property plans to immediately invest in interior capital improvements.
In CBRE’s announcement of the sale, Senior Vice President, Dudley Ryan, reflected on investors growing interest in the Newark area. “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.”
Beyond the sale of 200 Washington Street, Ryan anticipates that Newark real estate investments will continue to thrive. “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 whom facilitated the sale of 200 Washington is currently marketing “The Sandstone Building,” an architectural gem located at 36-40 Clinton Street built in the early 1900s. The 25,654-square-foot building is located within the area known as Newark’s “Billion Dollar Triangle,” in close proximity to the Gateway Complex, Newark Penn Station, The Prudential Center and the New Jersey Performing Arts Center.
CBRE Group, Inc. is a Fortune 500 and S&P 500 company and the world’s largest commercial real estate services and investment firm (based on 2015 revenue).