Wells REIT II buys Newark skyscraper

Eyes 'stable' tenancy with current utility co.

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

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....