520 Broad St. in Newark — Courtesy: Rafael Holdings Inc.
By Joshua Burd
A biopharmaceutical company has sold the site of its headquarters in Newark, a well-known office tower spanning nearly 500,000 square feet, in a deal valued at more than $49 million.
According to the seller, Rafael Holdings Inc., the transaction includes both the 20-story building at 520 Broad St. and an associated 800-car public parking garage. Affiliates of The Sinai Equity Group purchased the downtown property — a familiar piece of the Newark skyline and the longtime headquarters of IDT Corp. — for $49.4 million.
“We are pleased to have completed the sale of our real estate assets in Newark, New Jersey, a key milestone which further strengthens our balance sheet,” said Bill Conkling, CEO of Rafael Holdings. “We are well funded to advance our promising early-stage pipeline of novel agents and to pursue opportunities to expand our portfolio.”
Rafael Holdings is an early-stage novel cancer and immune metabolism therapeutics company, with real estate assets that included 520 Broad. The building, which was constructed in 1957, spans roughly 497,000 square feet and overlooks Harriet Tubman Square, featuring a stone, glass and metal façade that is visible from much of the downtown.
In announcing the deal last week, Rafael Holdings said it expects net proceeds of roughly $33 million after paying down the $15 million mortgage and the payment of commissions, legal fees, taxes and other costs.
