NEWARK, NJ—Rugby Realty Co.,Inc. has acquired Three Gateway Center inNewark, NJ, from Tahl Propp Equities. Financialterms were not disclosed.
The 579,000-square-foot, 19-story office tower is part of thefour-tower Gateway indoor complex that featuressuch amenities as an in-building, 15,000-square-foot full servicecafé, a New York Sports Club fitness center,Hilton Hotel, Starbucks, daycarefacility, conference centers, plus private executive and coveredparking. It is nearby to the Prudential Center,the New Jersey Performing Arts Center, a newDinosaur BBQ restaurant and a soon-to-be-builtWhole Foods supermarket.
“This was a rare opportunity to purchase an iconic building inNewark,” says Maurice Ades, RugbyRealty's principal and managing director. “The tower alsooffers tenants New York City skyline views, signage at the top ofthe building, and the benefit of state tax incentives that can cutrent expenses in half.”
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