80 Park Plaza in Newark — Courtesy: Cushman & Wakefield
By Joshua Burd
The new owner of the Public Service Enterprise Group headquarters tower in Newark has kicked off $4 million in upgrades and is marketing five vacant floors atop the 26-story office building, according to brokers with Cushman & Wakefield.
The real estate services firm said Thursday that it was marketing the available space at 80 Park Plaza, a 973,000-square-foot tower owned by Nightingale Properties. After acquiring the property last fall for nearly $175 million, the New York-based firm is now implementing upgrades to create a bright, modern building lobby, a conference facility and a grab-and-go café-coffee bar that will be WiFi enabled and open all day.
“80 Park’s vacancy is comprised of 165,000 square feet on floors 21 through 25, which can accommodate a wide range of companies, including high density uses such as a trading floor, technology firm or call center,” said Ben Brenner, who is handling the lease assignment with Cushman & Wakefield team members Bill Brown and Josh Cohen.
Brenner added that the landlord was “committed to creating a state-of-the-art facility, which will attract a world class company to occupy the tower floors.”
The tower, which is adjacent to Military Park, is in the heart of recent redevelopment activity in the city. C&W pointed to the recent opening of Whole Foods at the rehabilitated Hahne and Co. building nearby, along with a growing roster of national retailers such as Starbucks, Nike and Chipotle.
The tower is two blocks from Newark Penn Station and on the Newark Light Rail.
“PSEG is the property’s anchor tenant, occupying almost 1 million square feet within 80 Park Plaza and recently signed a long-term lease renewal,” Brown said. “Having well-capitalized, innovative owners and a stable long-term tenant like PSEG will make this building very attractive to companies searching for office space in Newark.”
