The Newark building is one block from the multi-tower Gateway Center and three blocks from Penn Station. The sale price and the identity of the seller were not disclosed.

Diversified plans to give the landmark 18-story building a makeover, according to Aron Gottlieb, senior vice president. Its current tenants include Thornton-Tomasetti, KS Engineers and Project Grad. It also has 48,000 sf of space available for lease, and the new owner has given the marketing and brokerage assignment to Bryn Cinque and Jim Bailey of GVA Williams of New Jersey, Parsippany.

"Our company's strategy is to transform well-located, under-performing properties into income-producing investments," Gottlieb says. "Our operating philosophy is to create value, and we continue to pursue additional investment opportunities in undervalued markets across the country.

"At 24 Commerce St., we intend to give this once-neglected building a facelift by improving the building's lobby, elevators and common areas," Gottlieb says. Besides New Jersey and Texas, Diversified Capital's 21-property portfolio is situated in Pennsylvania, Virginia and Connecticut.