Though no sale price was disclosed, this GlobeSt.com report about rare office deals in the New Jersey confirmed the sale of the office space above the library. Weichert Commercial, which handled the sale, has been “hired to find tenants, with a focus on professional office users.” A person familiar with the deal suggested the deal was somewhere between $3 million and $4 million.
The buyer was not identified in that report, but another report in October had indicated the buyer was Newark-based Fieldstone Development Group.
The Redevelopment Agency remains partners in the condominium association of the property as the sale only includes the top two floors, about 41,000 square feet of office space.
Facebook Comments
So as I interpret it, this likely means that the proposed “main st” development project slated to cover the area around this building is now on hold? Or am I mistaken and this building was intended to stay?
This building was intended to stay, but City Hall was intended to move into these top floors. I guess that concept is dead now. The proposal for the whole area was put on hold when the economy turned.
It wouldn’t be entirely accurate to say that Town Center is on hold (assuming that’s what you mean by “Main St” development project). It likely will be different from what was originally proposed; as Andrew indicated the plan was to move City Hall offices to the library building.Here’s the last update we had.Last I heard, the developer was working on acquiring some of the property for the project.