NEWARK, NJ—Mack-Cali Realty and The Praedium Group are taking advantage of the redevelopment renaissance stoking a hot real estate market in downtown Newark, and putting their joint venture property, One Newark Center up for sale. Jones Lang LaSalle will market the class A, 423,028-square-foot commercial office building for the Mack-Cali/Praedium joint venture.
“A combination of positive net absorption in the office market and mixed-use development is transforming Newark into a true 24/7 live/work/play destination,” Brian Lindenberg, a vice president with Praedium, tells GlobeSt.com exclusively. “Ownership believes that the acquisition of One Newark Center will not only provide an investor with an attractive in-place yield, but also an opportunity to capitalize on the market's positive momentum and future appreciation.”
One Newark Center is on Raymond Boulevard between McCarter Highway and Mulberry Street, just one block from historic Military Park and one block from Newark Penn Station. 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.
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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].
