For Auction
Asset Snapshot
Offering Summary
LANDMARK, CLASS A OFFICE TOWER IN THE HEART OF DOWNTOWN NEWARK
PROPERTY TOURS: Property tours are being scheduled with interested Investors. Please contact the NKF Capital Markets team to schedule a tour today.
Newmark Knight Frank and RealINSIGHT Marketplace are pleased to present the opportunity to acquire 550 Broad Street, a Class A, trophy, office asset totaling 294,242 square feet located in the Opportunity Zone of Newark, New Jersey (the "Property"). The offering represents a compelling opportunity to acquire a best-in-class property, previously awarded the BOMA building of the year, with a substantial value-add component in an Opportunity Zone. It is also ideal for an owner-occupant to establish presence in Downtown Newark that has shown tremendous growth and resiliency.
Investment Highlights
Quality: Best-in-class, Class A, landmark office tower that has been institutionally maintained
Smart Building Technology: Vertically wired with fiber optic cable for the latest voice, data, and video technology
Opportunity Zone: Powerful vehicle to defer capital gains, receive tax breaks and increase after-tax IRR
Location: Highly sought-after location with tremendous access to retail, cultural, entertainment and mass transit and roadways
Value-Add: Substantial opportunity for value creation; 53% vacancy offering tremendous upside through lease-up and repositioning
Stability: Stable in-place cash flow backed by a diverse tenant roster with approximately 10Y WAT in building; Predictable and manageable roll over the next 5 years without exposure to a large single-tenancy
Currently 47% leased to 24 tenants, 550 Broad was constructed in 1966 and renovated in 2000 and 2016. The Property features an attractive timeless exterior, expansive, customizable space, on-site ATM, newly renovated gym and café, 24-hour security, spectacular unobstructed views of the Manhattan skyline and Downtown Newark.
550 Broad Street is strategically located within walking distance of the New Jersey Performing Arts Center, The Broad Street Train Station, Newark Bears Stadium, Newark Penn Station and Path Trains, abundance of local amenities and less than 4 miles from Newark Liberty International Airport. The Property is directly off Route 21 McCarter Highway with access to NJ Turnpike (I-95), routes 280, 78 and 22.
Due Diligence
Platform Fee
Buyer pays a minimum platform fee of 5% or $25,000 at closing.
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Disclaimers
The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions. Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property. You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
