NEWARK, NJ—Rugby Realty Co., which is planning $20 million in improvements at Three Gateway Center in downtown Newark, NJ, has named Newmark Grubb Knight Frank as the exclusive leasing agent for the 47-percent occupied property.
As previously reported by GlobeSt.com, Rugby acquired the property in December 2014, its third acquisition in New Jersey in a 12 month period.
The 19-story building is well positioned to compete with New York and Jersey City. It is part of the office complex that connects to the regional transportation hub at Penn Station Newark, where Amtrak, NJTransit, and PATH trains link Newark with New York and Washington, and Newark Liberty International Airport.
The improvements planned include a new lobby, elevator cabs and restrooms.
Longtime tenant Prudential Financial, which had been expected to leave the building, recently decided to keep 160,000 square feet, an acknowledgement that it needed more space than it will have in the new tower it is constructing on Broad Street. Shortly after taking ownership, Rugby signed DB Schenker, the world's second-largest transportation and logistics services provider, for nearly 27,000 square feet on the entire 12th floor.
NGKF executive managing director Tim Greiner, managing director Hope Brodsky and associate Harrison Russell will lead the assignment, working with Rich Travaglini, Rugby Realty's newly named COO and director of leasing.
“This is an ideal property that will benefit from the growing demand from Manhattan tenants to relocate to a market where rental rates are about a third of what they are currently paying,” says Greiner. “Ownership has also made it clear that it is invested in this property and its occupants, so potential tenants can expect an attentive, reliable landlord that values relationships and quality.”
“Downtown Newark is becoming its own hub of cultural and entertainment activity,” says Travaglini. “We believe global corporations as well as regional legal and professional services firms will continue to be bullish on the area and want to be part of this dynamic scene.”
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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].
