24 COMMERCE ST Newark NJ 07102

As exclusive agent, Cushman & Wakefield’s National Office Investment Advisory (OIA) Group is pleased to offer a 100% fee interest in 24 Commerce Street or “The Property” for sale. Located in the heart of Newark’s CBD, 24 Commerce presents a unique opportunity to acquire a classically designed art deco building steps from Newark Penn Station and the Prudential Center. The architectural landmark known as “The Federal Trust Building”, was originally constructed in the early 20th century and is a key piece of Newark’s historical skyline, which was once the state’s capital of banking and finance. The 18-story building is occupied by 34 tenants with a total rentable area of 155,915 SF.

24 Commerce benefits from its location in a qualified opportunity zone (QOZ) with mixed-use residential developments strongly supported by city officials as part of Newark’s ongoing revitalization. The Property’s favorable location in a QOZ offers as of right residential overlay zoning (Living Downtown Plan) and presents a compelling, flexible opportunity for investors as a potential repositioning or a value-add play for its current office use. The average unit size at the Property is 2,200 SF, further lending itself to market demand of small to mid-size occupiers. Currently 47% occupied, the Property is home to 31 office tenants and 3 street level retail tenants, with a weighted average lease term of 1.5 years.

24 Commerce Street is ideally positioned to benefit from the surrounding residential development (+/-14,000 units underway/approved), growing universities, industry leading biomedical and health science research centers, along with recently completed Gateway redevelopment ($75M improvement plan including extensive upgrades to Penn Station concourse), and new developments including the NJPAC’S $336 million mixed use project and Lionsgate Film Studio. The Property provides new ownership with multiple paths to success via repositioning or as the small to mid-size tenant destination within Newark’s CBD.

Multiple paths for value creation in Newark’s CBD

Opportunity Zone Investment / Redevelopment Zone

Unmatched connectivity- 3 blocks from Newark Penn Station