One Newark Center in Newark — Courtesy: JLL
By Joshua Burd
The joint venture ownership of a Newark office tower has tapped JLL to find a buyer for the 423,000-square-foot property.
Working on behalf of Mack-Cali Realty Corp. and an affiliate of The Praedium Group LLC, JLL said it was marketing the sixth through the 22nd floors of One Newark Center, which sits on Raymond Boulevard between McCarter Highway and Mulberry Street. The first five floors are owned and occupied by Seton Hall Law School.
JLL said the offering also includes a 10-story, 945-space parking structure that is physically connected to the tower. As part of the marketing effort for the 22-story building, the firm is pitching a city that 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,” Thomas Walsh, managing director of JLL’s New Jersey office, said in a prepared statement. “It seems that every week Newark has a ribbon-cutting for a multifamily 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 midsized city in the Northeast with such organic growth.”
One Newark Center, which was built in 1992, is just one block from Military Park and one block from Newark Penn Station, JLL said. The building’s proximity to the train station provides tenants with NJ Transit, PATH and Amtrak service to New York and points along the Northeast Corridor, as well as access to the Newark Light Rail system.
JLL Managing Director Joseph Garibaldi, who oversees JLL’s New Jersey capital markets team, said Newark is “in an ideal position to entice transit-minded tenants,” pointing to high occupancy rates in Jersey City, Hoboken, Metropark and Morristown. He also cited surging investor interest in Newark, as evidenced by the sales last fall of the 337,500-square-foot Two Riverfront Plaza and the 973,000-square-foot 80 Park Plaza.
Both office buildings are one block from One Newark Center. JLL also pointed to a pipeline of about 7,500 residential units that have either been built or are under construction within 1,500 yards of One Newark Center. On the western edge of Military Park, Prudential Financial’s new 44-story office tower and the rehabilitated Hahne & Co. building have brought new life to a swath of Broad Street.
Amenities at One Newark Center include a full-service café with an outdoor patio, along with neighborhood retailers, restaurant options and cultural attractions such as the New Jersey Performing Arts Center and the Prudential Center.
Along with Walsh and Garibaldi, the JLL capital markets team overseeing the sale includes Vice President Stephen Feinberg and Associate Katelyn Borovsky. JLL’s Jon Meisel, managing director; Chris Conklin, vice president; and Conor Dolan, associate, serve as leasing agents for the building.
They are all are working closely with Brian Lindenberg at Praedium.
“As urban infill continues to occur around the property, One Newark Center is well positioned to take advantage of the retail and business opportunities that are coming to Newark,” said Lindenberg, a vice president with the firm. “The office tower further strengthens the reputation of businesses that choose to operate their business in one of the most highly sought-after, best-in-class, multi-tenanted office buildings in the city.”
