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NEWARK-It was initially reported by the Port Authority of New York and New Jersey that it had signed a deal to privatize the Newark Legal Center, with Matrix Development Group of Cranbury, NJ leasing the 20-story, 412,000-sf tower for 50 years, with options for another 49 years. The PA reported that the value of the initial term would be about $200 million.

The deal still stands, but the PA has clarified those numbers. Specifically, according to an authority spokesperson, “the present value of the initial term of the lease is approximately $64 million, with the aggregate of payments about $200 million.”

Built by the PA in 1989 and currently 100% leased, the building will be placed in private hands as part of the agency’s ongoing privatization of non-transportation-related assets. Insignia/ESG advised the PA on the transaction, which is expected to close by the end of this year.

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