Office Sells for Record Price

In New York, Brookfield Office Properties has sold the Newport Tower office building in Jersey City, NJ to Multi-Employer Property Trust for $377.5 million. It is the largest single office asset transaction in the history of New Jersey.

Newport Tower is a 36-story, 1.1-million-square-foot class A office building located on the Hudson River in Jersey City. Brookfield Office Properties purchased the building as part of its $7.6 billion purchase of Trizec in 2006.

The property was just over 60% leased upon Brookfield’s purchase in 2006; today the leased rate stands at 89%. Anchor tenants of the property include BNP Paribas and AXA Equitable.

CB Richard Ellis represented Brookfield Office Properties in the transaction. MEPT was advised by Bentall Kennedy.