Newmark Arranges Sale of 87,460 SF Premier Office Building in New Jersey

May 29, 2024 9:00 AM

Newmark[1] announces it has arranged the sale of 250 Century Parkway, a four-story, 87,460 SF Class A office building in Mount Laurel, New Jersey. Four Springs Capital Trust sold the asset to 250 Century Parkway, LLC and the Needleman Management Company for an undisclosed price.

Newmark Senior Managing Director David Dolan and Associate Angelo Brutico facilitated the transaction on behalf of the seller, with support from Newmark Financial Analyst John Cook.

“The property is in an exceptional location, just minutes from the Moorestown Mall, and features some of the region’s most desirable retail amenities,” said Dolan. “We are pleased to have achieved this favorable outcome and congratulate everyone involved.”

250 Century Parkway is a Trophy, single-tenant, net-leased office building in amenity-rich Mount Laurel, one of southern New Jersey’s most sought after and accessible submarkets. The building features high-end finishes, including a cafeteria, conference center and fitness center. Set on 7.24 acres, only 13 miles to Philadelphia and 90 minutes to Manhattan, the property has maximum visibility from the NJ Turnpike and direct access to Exit 4.

“This sale marks a significant milestone for Four Springs Capital Trust as it reflects our strategic intent to optimize our portfolio and capitalize on the demand for high-quality office spaces. The successful closure of this deal underscores our commitment to maintaining robust asset quality and generating substantial value for our stakeholders,” said Marcia Minton, Vice President of Asset Management at Four Springs Capital Trust.

Needleman Management represented itself on the sale transaction.

[1] Dba Newmark Real Estate in Pennsylvania

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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