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Re: Jersey City Newport Tower sells for $378 Million
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Did that place EVER get filled up? I remember them looking for tenants for the longest time.

Posted on: 2011/10/21 7:34
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Jersey City Newport Tower sells for $378 Million
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Brookfield Sells Jersey City Tower for $378 Million

OCTOBER 19, 2011, 3:34 PM
By Eliot Brown
The Wall Street Journal

Brookfield Office Properties Inc. has sold Newport Tower, a 36-story office building in Jersey City, N.J. for $377.5 million to Multi-Employer Property Trust, Brookfield announced today, in what is the company said is the largest single office building sale ever in the state.

The giant office landlord, which has gained recent fame as the reluctant host of Occupy Wall Street protesters in the Brookfield-owned Zuccotti Park, sold the building at the same time that it is investing more across the river. The company is in a deal to buy a 49% stake in 4 World Financial Center, a tower in the giant office complex by the World Trade Center in Lower Manhattan, according to people familiar with the matter, the subject of a story in Monday?s Journal.

Brookfield bought the 1.1-million-square-foot Jersey City tower in 2006, part of a larger $7.6 billion purchase of the office property owner Trizec that Brookfield completed with Blackstone Group LP at the time.

The building is part of a series of towers in Jersey City that have attracted many firms looking for modern, but lower cost office space in the New York area.

Posted on: 2011/10/21 4:31
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