NEWARK, NJ—The ownership of the Star-Ledger, NewJersey's largest daily newspaper, has sold its storied headquartersbuilding at 1 Star-Ledger Plaza to Maddd Equities,a Floral Park, NY-based real estate investment, development andmanagement company.

The financially troubled Star-Ledger, which willrelocate operations to the Gateway Center complexin Newark, did not reveal a sale price for the 177,000-square-footproperty. Many of the offices at the building currently lie vacantdue to layoffs, attrition and earlier relocation of some operationsto offices in Woodbridge and Secaucus, according to theStar-Ledger. The deal also includes an adjoining parking deck. Thenewspaper has been operating at the property since 1966.

The sale is expected to close in October, according toStar-Ledger publisher Richard Vezza, whonotes that the newspaper will continue to be published seven days aweek and will retain a presence in Newark in leased office space inthe Gateway Center complex. Operations at the Gateway Center willinclude the publisher, the newspaper's editorial board, itscolumnists, magazine staff and a handful of other jobs. See storyin the Star-Ledger.