NEWARK—Law firm Sedgwick LLP has taken a full floor at One Newark Center, the 24-story office tower owned by Mack-Cali Realty Corp. and its joint venture partner, the Praedium Group. The international law firm, which has had a downtown Newark presence since 2001, signed a new lease for 26,074 square feet, bringing the 416,429-square-foot property to 98.4% leased. Terms were not disclosed.
Sedgwick was represented in the transaction by David J. Goldstein, Greg B. Taubin and Christopher B. Marx, all of Studley. Mack-Cali and The Praedium Group were represented by a Jones Lang LaSalle team of Jonathan Meisel, Aaron Ellison and Chris Conklin, the exclusive leasing agents for the property.
"We're delighted to welcome this outstanding firm to One Newark Center,” says Mitchell E. Hersh, president and CEO of Mack-Cali. “The property's strategic location and rich area amenity base offered the right mix. We look forward to serving Sedgwick's office space needs for many years to come.”
Across New Jersey, where Mack-Cali controls an office portfolio of about 20 million square feet, fourth-quarter leasing activity brought annual volume up 14.1% for the year compared to 2012, Cushman & Wakefield reported last week. “It is safe to say that New Jersey's office market is seeing notable momentum heading into 2014,” Kimberly Brennan, C&W's New Jersey market leader, commented last week. “We look forward to a promising year.”
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