NEWARK, NJ—The ownership of the Star-Ledger, New Jersey's largest daily newspaper, has sold its storied headquarters building at 1 Star-Ledger Plaza to Maddd Equities, a Floral Park, NY-based real estate investment, development and management company.
The financially troubled Star-Ledger, which will relocate operations to the Gateway Center complex in Newark, did not reveal a sale price for the 177,000-square-foot property. Many of the offices at the building currently lie vacant due to layoffs, attrition and earlier relocation of some operations to offices in Woodbridge and Secaucus, according to the Star-Ledger. The deal also includes an adjoining parking deck. The newspaper has been operating at the property since 1966.
The sale is expected to close in October, according to Star-Ledger publisher Richard Vezza, who notes that the newspaper will continue to be published seven days a week and will retain a presence in Newark in leased office space in the Gateway Center complex. Operations at the Gateway Center will include the publisher, the newspaper's editorial board, its columnists, magazine staff and a handful of other jobs. See story in the Star-Ledger.
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