NEWARK, NJ—The $122.8 million loan financing the Two Gateway office property in Newark has been sent to special servicing, according to Trepp.com, a service that monitors securitized mortgages, but the property's owner, C&K Properties, says the move is a "necessary procedural step" for the property. C&K is coping with the departure of Prudential Financial following the completion of the financial services giant's new office tower in Newark.
"It has been widely reported that Prudential has vacated the vast majority of its office space in the Gateway Complex to move to its new headquarters building in Newark," Ben Korman, cofounder and principal of C&K Properties says in a statement provided to GlobeSt.com. "Despite having made significant inroads through an aggressive leasing campaign, we must take this necessary procedural step to ensure that we are able to continue to provide first-rate ownership and management of this asset for the long term."
C&K declined to comment beyond the statement.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.