One Newark Center Up For Grabs
JLL was selected to head the sale and leasing of 17 floors of the building, which is jointly owned by The Praedium Group and Mack-Cali Realty Corp. Seton Hall Law School will continue to own the first five floors.
By Corina Stef
One Newark Center, Newark, N.J.
Real estate investment trust Mack-Cali Realty Corp. and private investor The Praedium Group LLC selected JLL to market the sale of one of their prime assets, One Newark Center, located at 1085 Raymond Blvd., in Newark, N.J. The offering includes 423,028 square feet spread throughout 17 floors (the sixth through 22nd), together with an adjoining 10-story, 945-space parking facility. The lower five floors are owned and occupied by Seton Hall Law School. The JLL sales team consists of Executive Vice President Tom Walsh, Managing Director Joseph Garibaldi, Vice President Stephen Feinberg and Associate Katelyn Borovsky. The leasing will be handled by Managing Director Jon Meisel, Vice President Chris Conklin and Associate Conor Dolan, assisted by Praedium’s Brian Lindenberg.
The Class A structure was built in 1992 and features floor plates ranging from 22,000 to 26,000 square feet. Amenities include an on-site café with outdoor patio, an on-site full-service bank branch and round-the-clock security. One Newark Center is located in the heart of Newark, minutes away from retailers, restaurants, landmarks such as the New Jersey Performing Arts Center and the Prudential Center and Military Park. Transportation is facilitated by Newark Penn Station, providing NJ Transit, PATH and Amtrak services to surrounding key points. The building is also in close proximity to Newark Liberty International Airport, having major street exposure to McCarter Highway. Notable tenants include Bank of America and International Fidelity Insurance Co.
“Newark is progressively transforming into a true 24/7 live/work/play environment. The transit-oriented destination is leveraging its unparalleled infrastructure to attract a tenant pool that’s broader than traditional law firms and back-office operations,” Walsh said in a prepared statement. “It seems that every week Newark has a ribbon-cutting for a multi-family development or new retailer and that is steadily chipping away at the city’s perceived non-institutional stigma. You’d be hard pressed to find another mid-sized city in the Northeast with such organic growth.”
Just last year, the adjacent Two Riverfront Plaza and 80 Park Plaza sold for a reported $175 million and $165 million, respectively.
Image courtesy of Mack-Cali Realty Corp.
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