Two days after NJBIZ reported on Cushman & Wakefield securing $66 million in financing for Beijing Ideal Group, JLL announced it completed the sale of One Newark Center on behalf of Mack-Cali and The Praedium Group.
JLL’s Joseph Garibaldi, Thomas Walsh, Stephen Feinberg, Katelyn Borovsky and Heater Lombardi represented all three firms in the transaction. The team worked closely alongside Brian Lindenberg, vice president at The Praedium Group.
“The purchase of One Newark Center demonstrates Beijing Ideal Group’s confidence in the future of Newark and the surrounding region,” said Garibaldi. “The Chinese investment and development company saw great potential in the office tower. The building is well positioned to take advantage of Newark’s tremendous momentum as the city is attracting major corporations such as Broadridge Financial [Solutions] and Mars.”
One Newark Center is a 423,028-square-foot, Class A office building just one block from Military Park and Newark Penn Station.
“One Newark Center offers a unique amenities package that includes a full-service café, featuring an outdoor patio and an on-site parking garage for 945 cars,” said JLL in a news release. “The office building’s location provides tenants with a wealth of retail and restaurant options, and cultural attractions such as the New Jersey Performing Arts Center; the Prudential Center, which will open the new Grammy Music Experience later this year; and the Newark Museum. The 22-story office building was constructed in 1992 and offers easily-divisible floor plates ranging from 22,000 square feet to 26,000 square feet, some with outdoor balconies.”
Approximately 7,500 residential units are expected to be built or have been built within 1,500 yards of One Newark Center.
Final financial terms were not disclosed for the transaction.