NEWARK-The Internal Revenue Service has signed a new five-year lease for a full floor at One Newark Center, a 418,027-sf tower at 1085 Raymond Blvd. in this city's Downtown. The renewal represents a total of 26,074 sf in the 22-story, class A building.
The owners, a partnership of Mack-Cali subsidiary Gale Real Estate Services and the New York City-based Praedium Group, were represented by Gale assistant VP Brian Decillis. The IRS was represented by Charles Chandler of the Arlington, VA-based Wrightwood Properties Inc. Further terms were not released; availabilities in the building are currently listed with asking prices in the $31-per-sf to $34-per-sf range.
“We're pleased to retain the IRS as a tenant,” says Mark Yeager, president of the Roseland-based Gale. “We're building a tenant relationship that has been in place since 1992, when the IRS became one of the original tenants of the building.”
As reported by GlobeSt.com, Gale and Praedium teamed up to buy the asset in 2006 from original owner Bellemeade Development Corp. for $111 million, or about $266 per sf. Located a block from commuter hub Newark Penn Station, the 99%-leased asset features the exclusive Newark Club on its top floor and a 940-car parking structure.
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