NEW JERSEY—Public Service Enterprise Group (PSEG) has renewed its lease at 80 Park Plaza, which has served as the company’s corporate headquarters since 1978. The 825,000-sq.-ft., 15-year lease renewal puts PSEG at the property through 2030. The company has been headquartered in Newark for more than a century.
ColliersNew Jersey’s Bryn Cinque, executive managing director, and Eric Witmondt, vice chairman, represented the tenant in the transaction. John Meisel of Jones Lang LaSalle represented the landlord.
Owned by Wells Real EstateTrust II (Wells REIT II), 80 Park Plaza is comprised of a 26-story tower and three-story plaza building.
As part of the lease agreement, Wells REIT II and PSEG will be making infrastructure improvements expected to result in several million dollars in energy savings. Planned improvements include new chillers, floor-by-floor temperature controls and new lighting.
The 1-million-sq.-ft. building is home to 1,650 PSEG employees and contractors who work for the parent company or one of its subsidiaries, including PSEG Power, Public Service Electric and Gas (PSE&G) and PSEG Energy Holdings. PSE&G is New Jersey’s largest and oldest utility.