NEWARK, NJ—Advance Realty has signed the New Jersey's largest newspaper company, the Star-Ledger, to a lease for 9,076 square feet of space at One Gateway Center, a downtown office tower owned by the commercial real estate firm. (Advance Realty is not related to Advance Publications, the Newhouse family vehicle that owns the Star-Ledger.)
Advance Realty declined to tell GlobeSt.com the dollar value of the lease and would not disclose which departments of the Star-Ledger will locate in One Gateway Center.
In July, as part of a massive downsizing, the Star-Ledger sold its 177,000-square-foot building in Newark to Madd Equities, a Floral Park, NY, real estate investment and development company. The building formerly housed the newspaper's editorial and business departments. Some operations were moved to Woodbridge and Secaucus, and many employees were transferred to a completely new company, NJ Advance Media.
One Gateway Center is connected to Newark Penn Station via a fully enclosed skywalk. The property is also close to the federal and Essex County courthouses, the New Jersey Performing Arts Center, Prudential Center and six colleges that provide for a skilled work force, educational activities, and cultural events.
“The Star-Ledger will benefit from One Gateway Center's incomparable location, the flexibility and efficiency of the building's floorplates, and an array of amenities in the building and the concourse,” says Barry Quiner, director of asset management, Advance Realty. “One Gateway Center is Newark's premier office address, which is why it attracts prestigious tenants like the Star-Ledger.”
One Gateway Center features highly efficient floorplates -- units range from 1,400 to 18,200 square feet -- and an array of on-site amenities, including a Hilton Hotel and Conference Center, secured parking decks, a food court with a wide selection of restaurants and cafés, a New York Sports Club, and several full-service banks.
Peter Gross, senior broker and co-head of commercial operations for Douglas Elliman, represented the tenant in this transaction.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
