A real estate investment trust has sold the Public Service Enterprise Group headquarters tower in Newark for nearly $175 million, according to the seller and brokers involved in the deal.
Stakeholders in the city are now looking ahead to a long-awaited groundbreaking for One Theater Square, a high-profile, mixed-use project that was conceived more than a decade ago. The $116 million proposal calls for a glassy, 22-story luxury apartment tower sitting atop street-level retail space, aiming to transform a 1.2-acre lot across from NJPAC.
More than a decade after the idea was first proposed, the long-stalled plans for a luxe residential high-rise near the New Jersey Performing Arts Center appear to be back on track in Newark.
The owners of 2 Gateway Center in Newark have carved out a new 2,000-square-foot co-working space, part of an effort to bring a diverse mix of uses to its bustling concourse.
The development team that is restoring the former Hahne & Co. building in Newark has hired JLL to market the remaining office space in the soon-to-be-transformed landmark.