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Firm also tapped to market building’s remaining five floors of available space.
NEWARK, N.J. (Aug. 10, 2012) — Jones Lang LaSalle announced today that it represented Wells Real Estate Investment Trust II (Wells REIT II) in a significant lease transaction at 80 Park Plaza, a 26-story, one-million-square-foot office tower in Newark, N.J.
Public Service Enterprise Group (PSEG), a publicly traded energy company, has signed a 15-year lease to occupy 825,000 square feet of space at the landmark building, which serves as the utility giant’s corporate headquarters. An extension of PSEG’s current lease, which was set to expire in 2015, the deal will keep the company and its 1,650 employees and contractors at 80 Park Plaza through the year 2030.
Jones Lang LaSalle Suburban Tristate Market Director Jonathan Meisel represented Wells REIT II in the transaction. Colliers International Vice Chairman Eric Witmondt and Executive Managing Director Bryn Cinque represented PSEG.
“This lease transaction, which took three years to complete, is a tribute to a strong commitment to the City of Newark demonstrated by both Wells REIT II and PSEG,” Meisel said. “After considering other locales, PSEG chose to stay in the building it has called home for more than three decades. We’re extremely pleased that the company will continue to operate its headquarters in Newark, which has proven to be extremely business-friendly under the current administration.”
In addition, Jones Lang LaSalle has been retained by Wells REIT II to serve as exclusive leasing agent for the top five floors of the 80 Park Plaza. Totalling approximately 150,000 square feet, the space will become available when PSEG’s current lease expires in 2015.
“This will be an extremely rare opportunity for a company to lease space alongside one of New Jersey’s most respected companies, in one of the state’s most highly recognized buildings,” Meisel said. “We anticipate a high level of interest when the space becomes available.”
Located in the heart of Newark’s downtown, 80 Park Plaza is an integral part of the city’s economic resurgence. One of the most recognizable Class A structures in the city, the building has been home to PSEG since 1979. Offering sweeping views of New York City, it is located in close proximity to Newark Penn Station and Broad Street Station, which features Midtown Direct train service, as well as NJPAC, the Prudential Center and other educational, cultural and entertainment facilities.
As part of the new lease, Wells REIT II and PSEG will make significant infrastructure improvements that are expected to result in several million dollars in energy savings within the next few years. Planned improvements include upgrades to the building’s lobby and outdoor plaza, new chillers, floor-by-floor temperature controls and new lighting.
In New Jersey, Jones Lang LaSalle is a leader in commercial real estate brokerage, project management and investment sales. Employing more than 600 of the region’s most respected industry experts, the firm offers Office and Industrial Brokerage, Tenant and Landlord Representation, Project and Development Services, Property Management, and Capital Markets services to its clients in New Jersey. The operations also serve as the local service provider for the firm’s global and national corporate clients that have a presence in New Jersey.
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About Jones Lang LaSalle Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.
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