Wednesday, April 27, 2016

Verizon Selling Office Building on Broad Street in Newark

Newark, New Jersey: As employees of Verizon continue to strike outside, the company's building in Downtown Newark could soon see changes inside.

According to the New Jersey Board of Public Utilities, Verizon New Jersey is selling their 427,720 square foot building at 540 Broad Street, at the corner of Lombardy Street to Halsey Central Associates for $16,510,000. Following the sale, which was approved by the Board in January, the company will lease six floors of the building for a year before moving to other locations. A telecommunications equipment facility will continue to operate on the fourth floor.

Raymond McConville of Verizon told Essex County Place that he is unaware of the buyer's plans for the building, but a plan from Amara Associates states that a full interior renovation is proposed for the structure. The plan states that there will be 246 housing units throughout the building, retail space on the first floor, a gym and fitness center, and bowling lanes.

The building dates to 1929, and was originally known as the New Jersey Bell Headquarters Building. It is listed on the National Register of Historic Places. Verizon was originally planning to sell the building in 2008, but stayed after receiving over $20 million in tax breaks from the State of New Jersey.

Amara Associates' website also states that a similar project is proposed for the IDT Building on Broad Street. The company did not immediately return requests for comment.

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