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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription