May 14, 2017
The owners of One Newark Center are cashing in on Newark, NJ’s renaissance.
Mack-Cali Realty Corp. and an affiliate of The Praedium Group are offering to sell their piece of 1085 Raymond Blvd., which includes floors six through the 22, totaling 423,028 square feet, as well as 945 structured parking spaces. The offering does not include the first five floors of the office tower, which are owned and occupied by Seton Hall Law School. As of January, 45,000 square feet of space was still available for lease at the Center — a little more than 10%.
“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,” said Thomas Walsh, managing director of the New Jersey office of JLL, which is selling the property.
Two Riverfront Plaza sold in December 2016, and 80 Park Plaza sold in October 2016, both one block from One Newark Center.
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