One of the largest leases of the year in New Jersey just got signed.
PSEG, a utility company, renewed its 825,000-square-foot lease for 80 Park Plaza in Newark. The energy company will take the space, nearly the entirety of the 25-story, roughly one million-square-foot tower, for another 15-years.
Bryn Cinque, a leasing executive with Colliers International, arranged the deal with colleague Eric Witmondt on behalf of the tenant. The building’s landlord, Wells REIT II, was repped by John Meisel, an executive at Jones Lang LaSalle.
“PSEG is an integral part of New Jersey and the City of Newark and was committed to retaining its existing headquarters,” Mr. Cinque said in a statement released by Colliers this morning announcing the transaction.
“Newark has been our home for more than 100 years and we’re committed to the city,” Ralph Izzo, chairman, president and CEO of PSEG, said in a statment. “The finances and logistics worked and allowed us to stay in downtown Newark, a place we’re proud to call home.”
Colliers said the deal, as well as other recent transactions including Panasonic’s decision to build a new $200 million headquarters in Newark and Prudential’s rumored relocation there, was evidence the city remains an attractive location for large corporate tenants.
“Transactions of this size and stature are rare, and will help define the future of this city,” Robert Martie, an executive vice president of the Colliers’ New Jersey operations said in the statement.