The Largest Office Sales of 2020
Cushman & Wakefield, Newport Office Center IV, Jersey City, NJ
Size: 942,106 SF
Brokers: Adam Spies, Kevin Donner, Doug Harmon, Josh King, David Bernhaut, Gary Gabriel, Anthony Pasqual, Ben Lushing, Robert Lowe
545 Washington Boulevard is a Class A, 22-story office tower located along the New Jersey Waterfront adjacent to the Newport PATH Station. The property is anchored by a high quality, credit tenant roster including Insurance Services Offices, J.P. Morgan Chase, HSBC and ABG-Locker. 545 Washington Boulevard was 100% leased at the time of sale and offered a weighted average remaining lease term of 12 years. In spite of full occupancy, the property offered a future mark-to-market opportunity as the in-place leases were approximately 20% below market. The Property also offers parking with nearly 750 parking spaces and ground floor retail, restaurant and banking.