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Columbia Property Trust unloads Newark, NJ, office property for $175M

ColumbiaProperty Trust Inc. completed the sale of an office property inNewark, N.J., for gross proceeds of $174.5 million.

The 80Park Plaza class A office asset was sold to Nightingale Properties.The downtown property is 85% let, and totals 973,000 square feet. It serves asthe headquarters of electric and gas service provider PSEG.

The sale is part of the company's to off-load nearly $700 million to$1 billion of noncore assets. The company has shed approximately $532 millionworth of assets so far in 2016, according to a news release.