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NEWARK-One Newark Center, one of this city’s signature office towers, has been sold. The New York-based Praedium Group and Florham Park-based Gale Real Estate Services Co., a subsidiary of Mack-Cali Realty, have teamed up to buy the building from its original developer, Bellemeade Development Corp. The 22-story, 418,000-sf class A building has changed hands for $111 million, which factors out to approximately $266 per sf.

“This acquisition presents an opportunity to realize attractive risk-adjusted returns from one of Newark’s pre-eminent office towers,” says Frank Patafio, a Praedium principal. “Newark has become an increasingly attractive option for businesses looking for alternatives in the tightening New York metropolitan area office market.”

“This is a signature Newark office building,” says Gale president Mark Yeager. “We are pleased to continue our investment in Newark, a city in which we have been active for more than 12 years.”

“We believe in the future of Newark,” says Praedium founding partner and chief investment officer Floyd Lattin

A focal point of the newly acquired asset is a five-story glass-roofed atrium. The acquisition also includes the Newark Club, a private membership club on the 22nd floor of the building. Also part of the deal are a 940-car parking facility attached to the building, which is located at the intersection of McCarter Highway and Raymond Boulevard, as well as an adjacent vacant commercially zoned land parcel. That parcel at one time was targeted for a companion building to One Newark Center of up to 600,000 sf.

At the time of the sale, the building was 98.6% leased. Its lower five floors are occupied by the Seton Hall University School of Law, and the tenant roster is dotted with a number of law firms, including Latham & Watkins and Kirkpatrick & Lockhart. The United States Trustees, a US Department of Justice educational program, also has offices in the building.

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