Property Insurance New Jersey

Brookfield Sells NJ Office Tower for a Record $377.5 Million

Oct. 19 (Bloomberg) -- Brookfield Office Properties Inc. sold Newport Tower in Jersey City to Multi-Employer Property Trust for $377.5 million, the highest price on record for a single office building in New Jersey, Brookfield said.

The 36-story, 1.1 million-square-foot (102,000-square- meter) property, home to such tenants as BNP Paribas SA and AXA Equitable Life Insurance Co., is 89 percent occupied, New York- based Brookfield said in a statement today. The real estate investment trust acquired the building as part of its purchase of Trizec Properties Inc. in 2006, when 60 percent of it was leased.

Brookfield decided to sell the building after achieving “opportunistic returns for us and for our partners,” Dennis Friedrich, president and global chief investment officer, said in the statement. “During our six-year period of ownership and management, we were able to successfully lease up, stabilize, and incorporate sustainable strategies in the building to significantly increase value.”

Multi-Employer Property Trust, based in Washington, is a real estate fund that is owned by more than 360 pension plans. The Newport Tower gives the company a “high-quality, stabilized asset in the New York-New Jersey market, which is one of the strongest office markets in the U.S.,” David Antonelli, executive vice president, said in a separate statement.

--Editors: Christine Maurus, Daniel Taub

TICKERS: BPO US <Equity> 108417Z US <Equity>

To contact the reporter on this story: Katie Spencer in New York at Katiespencer14@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.

Life Without Homeowners Insurance | Home Owners Renters

Most homeowners would never stop to consider what their life would be like without homeowners insurance NJ. In the event of theft, floods, fire or vandalism, the results of lack of homeowners insurance NJ would be nothing short of disaster. When you are protected by homeowners insurance, you do not need to worry about anything bad happening to your home or belongings because your insurance coverage will help to replace your loss. When you opt not to have this insurance, you will be solely responsible to cover the costs of fixing or replacing damaged goods and property. It is obvious to see the wisdom of obtaining proper homeowners insurance coverage.

If you finance your home through a bank or other financial institution, the bank will require you to purchase homeowners insurance in order to receive the financial backing you need. Otherwise, it is not mandatory by law to have this type of insurance. Some homeowners of old houses or properties have opted not to carry insurance due to the extra expense. However, if you are purchasing a new house or condo, it only makes sense you would want to protect your investment and protect it well.

The type of protection you acquire through a homeowners insurance policy depends on you. When choosing a homeowners insurance policy NJ, you should take into consideration factors such as the size and type of home you own, the value of your property and belongings, the location where you live, etc. Each one of these factors is important in determining the type of coverage you should obtain. The purpose of purchasing this insurance is to provide security for your property and belongings. If your property and goods are of extreme value to you, the type of coverage you obtain should reflect this value, to give you peace of mind against any eventuality.

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At the same time you want to protect your property, the high cost of a homeowners insurance policy may deter your home security plans. This is where finding the right insurance company to work with comes into play. There are probably dozens of distinct insurance companies in every state offering this type of insurance. Your job, which may not sound so pleasant now, is to find the company that best suits your need. Many homeowners utilize the internet in their search for homeowners insurance. Others may receive referrals from family or friends as to a reputable company they can try. Your bank or mortgage company may also be able to provide assistance in this area. You can also contact an insurance agent and work together to find the company you need.

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