Star Ledger: Newark icon has a buyer

Star Ledger: Newark icon has a buyer

Verizon Communications has found a buyer for its historic 20-story New Jersey headquarters in downtown Newark, prompting local officials to step up their efforts to find another location for the phone company’s 600 employees.

Verizon and Accordia Realty Ventures signed a contract Friday that will require approval from the state Board of Public Utilities and meet other undisclosed contingencies, said Verizon spokesman Richard Young. The sale would include an 18-month lease for Verizon to give the company time to find a new location.

Neither side would publicly discuss the purchase price, but two executives, who were not permitted to speak about it on the record, said it was approximately $35 million. Typically, the prices of commercial real-estate deals are not disclosed.

Once the state’s tallest building, 545 Broad St. was the headquarters of New Jersey Bell when it opened in 1929. An art deco “American Perpendicular” edifice, the landmark is on both state and national registers. Inside the temple-like lobby are marble and bronze telecommunications icons rendered in classical themes.

Author: Ken Walker

Husband, Father, Analyst. In a glass case of emotion since 1978.

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