NAI James E. Hanson on Thursday negotiated the sale of a 3,700-square-foot professional office building at 45 Bleeker Street in Newark to Rutgers University.
NAI James E. Hanson’s Andrew Kirshenbaum represented both the seller, ChildSmiles, and buyer, Rutgers University, in the transaction.
Situated within the James Street Commons Historic District, the building was originally owned by the Archdiocese of Newark. It has had several owners over the years and has recently undergone some upgrades, including renovations to four restrooms, new data wiring throughout the building, and a new HVAC system.
Already owning many of the neighboring properties, Rutgers University-Newark recognized 45 Bleeker Street’s location as beneficial for its use as administrative office space.
Positioned in the heart of University Heights and the Rutgers University-Newark campus, 45 Bleeker Street is easily accessible to both students and staff. It is also nearby the New Jersey Institute of Technology, Rutgers New Jersey Medical School, and Essex County Community College. Additionally, the building is walkable to the Broad Street and Newark Penn NJ Transit stations as well as the Superior Court of NJ and Essex County New Jersey Courthouse.
“It comes as no surprise that Rutgers University-Newark jumped on the opportunity to buy this property to grow their presence in the surrounding area,” said Kirshenbaum. “High-quality office spaces in resurgent downtown areas like Newark continue to be in high demand, and we are pleased to have leveraged our understanding of the market to identify both a buyer and new use for this historic building.”