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SJP Properties and Matrix Development Announce Sale of Two Riverfront Plaza in Newark

SJP Properties and Matrix Development today announced the sale of Two Riverfront Plaza in Newark, New Jersey. An international entity advised by Arch Street Capital Advisors, LLC acquired the world-class property, which is fully leased on a long-term basis to Panasonic Corporation of North America, and serves as the electronics company’s U.S. headquarters.

“When we built this trophy office building three years ago, we recognized that the Newark market was on the brink of an unprecedented transformation, and that our building would be at its forefront,” said Steven J. Pozycki, CEO of SJP Properties. “This sale reflects the unparalleled quality of this building – which resulted in tremendous interest among institutional-grade investors from all around the world – as well as Newark’s growing reputation as an established hub for global business. We’re extremely proud to have delivered a building that has helped to put this city on the radar of international investors.”

A 337,500-square-foot, 12-story office tower designed to world-class standards, Two Riverfront Plaza was developed by SJP and Matrix for Panasonic in 2013. The building features technologically advanced infrastructure and leading environmental sustainability, having achieved LEED Platinum certification for its interior and LEED Gold certification for its core and shell. The larger mixed-use project features a two-story lobby, 462-space parking garage, full-service bank, post office, sundry shop, café restaurant, 24/7 manned security and a direct-connection pedestrian skyway to Newark Penn Station and the nearby Gateway complex, as well as an additional five acres of land available for future development.

“Since we acquired One Riverfront plaza, formerly ‘The Legal Center’, in 2001 and subsequently acquired the land now home to Two Riverfront Plaza, Matrix has been a believer and investor in Newark’s ability to serve as a premier destination for global businesses like Panasonic,” stated Joseph Taylor, CEO of Matrix Development Group. “We’ve been extraordinarily pleased to partner with SJP Properties to develop this best-in-class headquarters facility, and are now excited that CBRE has identified a top investor that recognizes this asset’s superior market position.”

The CBRE team of Jeffrey Dunne, Darcy Stacom, Kevin Welsh, Brian Scott and Brian Schulz of CBRE Institutional Properties, in collaboration with Dudley Ryan of CBRE’s East Brunswick office, represented SJP Properties and Matrix Development Group in the sale of Two Riverfront Plaza.

“The sale of Two Riverfront Plaza demonstrates the continued demand for premier office assets in urban lifestyle environments with mass transit connectivity, such as Newark,” Dunne commented. “As the headquarters for Panasonic Corporation of North America, one of Newark’s most prominent corporate anchor tenants, this world-class building is well positioned to provide the owner with long-term value.”

Two Riverfront Plaza sits in one of the most accessible locations in the New York Metropolitan region, just eight miles west of Manhattan. Connected to Newark Penn Station, the property offers immediate access for employees and visitors by NJ TRANSIT railways and bus lines, Amtrak, PATH and the Hudson-Bergen Light Rail. The building’s location is enhanced by Newark’s expanding 24/7 lifestyle environment, with more than 1,000 apartments currently under construction and the presence of major national retailers, including Starbucks, Nike and Whole Foods. In addition, there is currently more than $500 million being spent in capital investments at universities in Newark.

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