Wells REIT II buys Newark skyscraper

Eyes 'stable' tenancy with current utility co.
Published on Sep 25, 2006

Wells Real Estate Investment Trust II Inc. acquired 80 Park Plaza, the 26-story headquarters of Public Service Electric and Gas Co. in Newark, N.J. The value of the transaction was not disclosed. Newark Urban Renewal Investors LP sold the approximately 1.03 million-square-foot property, which includes a three-story plaza building. The skyscraper's sole tenant is PSE&G, under a lease running into 2015. "This is a fine addition to the portfolio for our investors," said Jeff Gilder, managing director, acquisitions, for Wells Real Estate Funds. "It's a quality property with a very stable tenant in PSE&G." The property, built for PSE&G in 1979 by the Rockefeller Group, has undergone significant improvements in the past three years, according to a press statement. Wells REIT II is a public, nontraded REIT specializing in office properties, and now has 54 buildings in 18 states, including Washington, D.C....

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