80 Park Plaza in Newark — Courtesy: Newmark
By Joshua Burd
An ownership group has tapped Newmark as its leasing agent at a well-known, 973,000-square-foot office building in downtown Newark.
Brokers with the firm are now marketing 130,000 square feet spanning the 21st through 25th floors of 80 Park Plaza, accounting for what they say is the largest contiguous block of office space available to tenants in and around Newark, including the Jersey City waterfront. They’re doing so ahead of a planned renovation that will introduce an upscale fitness center, modern food amenities and service and outdoor tenant engagement spaces.
Newmark Executive Managing Director Jeff Schotz, Senior Managing Director Leo Paytas and Associate Peter Kasparian are leading the assignment on behalf of Nightingale Properties and Glick Family Investments.
“We are looking forward to working with ownership to find the right tenants to add to the iconic property’s roster of businesses,” Schotz said. “80 Park Plaza offers one of the largest blocks of space available in the Newark and Jersey City area in a prime location with spectacular and unobstructed views of Manhattan.”
Best-known as the headquarters of Public Service Enterprise Group Inc., 80 Park Plaza sits just north of Raymond Boulevard and east of Military Park. Newmark noted that the tower has a Wired Score Platinum designation and newly renovated conference facilities, an updated lobby, on-site property management, covered parking and 24-hour staffed security.
The building has also earned the BOMA 360 designation from the Building Owners and Managers Association, a measure of its operational performance, according to a news release. Brokers, meantime, touted its proximity to restaurants, shops, hotels and entertainment, its location two blocks from Newark Penn Station and its accessibility via nearby highways.
“We are looking forward to our new partnership with Newmark as they bring an experienced group of talent spanning both the New Jersey and New York City markets,” said Alex Roth, director of acquisitions and asset management at Nightingale Properties. “We envision after embarking on the second phase of improvements that 80 Park Place will become a destination office space built around a collaborative work environment.”
