The Redevelopment of Penn Plaza East

Jones Lang LaSalle Americas, Inc. (“JLL”) and CBRE, Inc. (“CBRE”), both licensed real estate brokers, have been exclusively engaged to explore The Redevelopment of Penn Plaza East in Newark, New Jersey (the “Development” or the “Project”), a premier mixed-use development opportunity located adjacent to the well-connected Newark Penn Station in partnership with New Jersey Transit Corporation (“NJ TRANSIT”) and Horizon Blue Cross Blue Shield of New Jersey (“Horizon”). The Project consists of two components: (i) Developing a ± 250,000 square foot Class A single-tenant Headquarters building fully leased to Horizon to be located on a parcel located in downtown Newark, NJ; and (ii) redeveloping the existing NJT Headquarters at 1 Penn Plaza East and the current Horizon Headquarters building at 3 Penn Plaza East, both of which are assumed to be delivered vacant, enabling redevelopment of the ~3 acre riverfront parcel into a premier multi-housing community. Given the residential development’s location within the Newark River Redevelopment Plan, the site is zoned to allow future construction of up to 30 stories, consistent with many nearby multi-housing projects already approved. The parcel can accommodate up to 1,000 units of residential development, in addition to integrated retail and structured parking.