One Newark Center in Newark — Courtesy: JLL
By Joshua Burd
Four tenants have combined to lease nearly 68,000 square feet at One Newark Center, the 423,000-square-foot office tower in downtown Newark, including the iconic top-floor space that was the longtime home of The Newark Club.
Brokers with JLL announced that they represented the building’s owner, Beijing Ideal Group, in the leases with Wintrust Life Finance, the U.S. Department of Housing and Urban Development, H&N Group and Partner Energy. Three of those firms are new to the 22-story building on Raymond Boulevard, including Wintrust, which will occupy the former space of The Metropolitan Room at The Newark Club.
JLL Senior Vice President Chris Conklin and Managing Director Craig Eisenhardt completed the assignment for the real estate services firm. They worked closely with Amanda Zega, senior real estate manager, and her team at CBRE and Eugene Nazarov, director of leasing, along with his team at Blairmore Development Group.
“Beijing Ideal Group saw great potential in One Newark Center when it acquired the office building in November 2017, and JLL’s capital markets professionals had an opportunity to oversee the sale transaction,” Conklin said. “In addition, the new owners also tapped JLL to oversee leasing at this iconic property.
“The purchase came at a time when Newark was seeing a significant increase in tenant activity. Everyone involved with the building successfully worked as a team to secure these important leases.”
JLL said Wintrust Life Finance, a subsidiary of Wintrust Bank, signed a long-term lease for 22,026 square feet. The life insurance premium finance lender is relocating to the building from 101 Hudson St. in Jersey City and will now have the sweeping top-floor views of downtown Newark and Manhattan that were long associated with The Newark Club.
Cushman & Wakefield Director Daniel Johnson and Senior Associate Scott Schubert represented Wintrust Life.
H&N Group, a California-based seafood importer, processor, wholesaler and distributor, leased 3,415 square feet and is opening a new office at One Newark Center. Jamie Drummond, senior managing director, and Andrew Perrotti, associate director, both with Newmark Knight Frank, represented the tenant.
Partner Energy is also opening a new office with its 2,016-square-foot lease, JLL said. Savills Studley Senior Vice President and Branch Manager Christopher Marx and Associate Peter McMullen represented the tenant, a California-based energy efficiency and sustainability consulting services firm.
Meantime, the U.S. Department of Housing and Urban Development inked a short-term lease extension for the 40,155 square feet it occupies in One Newark Center.
“We are really excited to have successfully landed these deals in such a short time period,” Eisenhardt said. “Phase one of this project was securing this initial wave of leases and, for Phase two, ownership is looking at smart capital improvements that will further improve this Class A asset.”
The deals come less than eight months after JLL announced that a joint venture, an affiliate of The Praedium Group LLC and Mack-Cali Realty Corp., had sold the sixth through 22nd floors of One Newark Center to Beijing Ideal Group. The deal reportedly approached $100 million in value and was seen as another sign of rising interest in downtown Newark.
The tower, which sits between McCarter Highway and Mulberry Street, boasts proximity to Newark Penn Station and the city’s light rail system. Amenities at the 26-year-old building include a full-service café and outdoor patio, while tenants are just one block from Military Park and walking distance to the city’s retail, entertainment and restaurant offerings.
JLL: Chinese investment, development firm buys Newark office tower
