Business & Finance

Chinese firm buys One Newark Center

fdb8e2601b730875c43c_OneNewark_cropped.jpg
The sale of One Newark Center to a Chinese investment and development firm was finalized Thursday. Credits: JLL
fdb8e2601b730875c43c_OneNewark_cropped.jpg

A Chinese investment and development firm has acquired one of Newark's most visible properties.

The sale of One Newark Center to Beijing Ideal Group—a joint-venture between an affiliate of The Praedium Group LLC and Mack-Cali Realty Corp.—was finalized Thursday, with investment management company JLL completing the acquisition of the 423,028-square-foot commercial office building located in downtown Newark.

An announcement last week by Cushman and Wakefield confirmed that the real estate firm served as the exclusive advisor to Beijing Ideal Group in arranging the 10-year, $66.58 million financing for the property.

Sign Up for E-News

One Newark Center is located on Raymond Blvd. between McCarter Highway and Mulberry St., just one block from Military Park and Newark Penn Station.

“Spurred by Newark’s progressively transforming landscape, One Newark Center was one of New Jersey’s most sought-after investments in 2017,” said JLL Managing Director Thomas Walsh. “Prospective buyer profiles ran the gamut, and included institutional investors, regional operators and even foreign funds.”

The sale includes the top 16 floors of the 22-story high-rise, with the first five floors owned and occupied by Seton Hall Law School.

The offering also includes a 10-story, 945-space parking structure that is physically connected to the office tower.

The venture has been trying to sell the space since 2012 to pay off a $91.7 million loan on the property, according to a report on real estate website Commercial Real Estate Direct.

The building was home to the exclusive Newark Club, a posh event venue that closed its doors earlier this year after nearly a quarter century.

“The purchase of One Newark Center demonstrates Beijing Ideal Group’s confidence in the future of Newark and the surrounding region,” said JLL Managing Director Joseph Garibaldi. “The Chinese investment and development company saw great potential in the office tower. The building is well positioned to take advantage of Newark’s tremendous momentum as the city is attracting major corporations such as Broadridge Financial and Mars.”

Mars Wrigley Confectionary announced their decision this week to move offices to the Ironside Newark Building, part of the city's 22-acre Mulberry Commons project which broke ground last month that will serve to bridge the central business district with the Ironbound neighborhood.

The move will bring close to 500 jobs to Newark.

Garibaldi noted that investor interest in Newark has never been higher, citing the 2016 sale of the 337,500-square-foot Two Riverfront Plaza to a Kuwait-based investment fund, as well as the October 2016 sale of the 973,000-square-foot 80 Park Plaza, both of which are located one block from One Newark Center.

“The fact that another international buyer has invested in a Newark office building speaks volumes about the evolution of the market,” Praedium Vice President of Asset Management Brian Lindenberg said. 

The move is seen by many as part of the city’s long-touted renaissance.

Since Prudential's 2012 announcement for its plans to develop headquarters along downtown Newark's Broad St., a number of stalled development projects have been completed or are underway, including Hahne & Co., One Theatre Square, One Riverview and the Carlton Hotel, among others.

The company joins a growing number of major corporations who have moved to Newark in the last several years—including Panasonic and Audible—all hoping to take part in the city's revitalization.

Last month Newark was chosen as Governor Chris Christie's top pick for Amazon's second global headquarters.

“The perception of the city continues to improve in the eyes of international investors, attracted by Newark’s connectivity to New York and the rest of the tri-state region," Lindenberg said.

TAP Into Another Town's News:

Sign Up for E-News

Bloomfield

Dine in Bloomfield Center for a Good Cause!

April 17, 2018

BLOOMFIELD, NJ-- The Bloomfield Center Alliance (BCA) is giving people another reason to come and experience downtown Bloomfield.  Its new Bloomfield Center Gives Back initiative combines the BCA's objective of supporting local businesses with helping nonprofit organizations serving the town.  On specific dates between mid-April and end of May, people can dine in one of several ...

Township Looking for Artist to Restore Stay Strong Mural and Design Additional Mural

BLOOMFIELD, NJ--The Township of Bloomfield requests proposals and qualifications from artists for both the restoration of an existing “Stay Strong” mural and the design and implementation of a new public art mural on the opposite side of the train trestle, both located between 236 – 256 Broad Street. The Bloomfield Recreation & Cultural Affairs Department will administer the ...

Upcoming Events

Carousel_image_ba0546323d5fc567794c_brauns_tavern_logo

Thu, April 19, 12:00 PM

Braun's Tavern , Bloomfield

Bloomfield Center Gives Back to Bloomfield Animal ...

Food & Drink Giving Back

Carousel_image_b4f18dfd4f07fd561026_letslisten7-ellington-mplspecs-revised

Fri, April 20, 6:00 PM

Montclair Public Library Auditorium, Montclair

Let's Listen to Jazz

Arts & Entertainment

Carousel_image_86a969eef49a99188b9b_mountainside_logo_meridian

Mon, April 23, 7:00 PM

Hospital Auditorium, Glen Ridge

Tour of the Birthing Center

Health & Wellness

Carousel_image_55658f15772db1bdb9ff_kelly_mark

Tue, April 24, 6:00 PM

The Venetian , Garfield

Prepared. For Life Dinner with Captain Mark Kelly

Other

Carousel_image_c73e643803185b3e5a92_mountainside_logo_lockup

Wed, April 25, 7:00 PM

Hospital Conference Room 2 (Ground Floor), Glen Ridge

Becoming a Parent

Health & Wellness

Wed, April 25, 7:30 PM

Cedar Grove Public Library , Cedar Grove

The Bellevue Theater: Fade to Black or Double ...

Arts & Entertainment

Bloomfield Police Blotter April 2 to 8 2018

April 11, 2018

BLOOMFIELD, NJ - The following police blotter has been issued by Lt. Anthony Sisco of the Bloomfield Police Department.

Shoplifting:

4/2/18- William Hancock Age 29 of Bloomfield, NJ- Officers were dispatched to 60 Orange Street (Home Depot) on a report of a shoplifter in custody. Loss Prevention discovered that they were missing (2) Milwaukee Multi-Tools from their inventory and ...

Parkland student survivors bring anti-gun violence message to Newark

April 18, 2018

High schools students from across Newark converged at Science Park High School on Saturday for a forum against gun violence featuring Jaclyn Corin and Alfonso Calderon, both survivors of the Parkland Massacre in Florida. 

The forum, which was attended by hundreds of Newark youth, was designed to allow New Jersey students to dialogue and develop coalitions in New Jersey and across the ...

Meet Kendra Johnson, Montclair's First African-American Superintendent

MONTCLAIR, NJ - Kendra V. Johnson, J.D., Ph.D., has been selected as Montclair’s permanent Superintendent of schools after an extensive search, the Montclair Board of Education announced at a special meeting on April 11. She is the district’s first permanent superintendent in three years, and the first African-American superintendent in its 144-year ...

Arnold's Pond Illuminated in HHS PTO Lantern Float

April 18, 2018

HAWTHORNE, NJ – A lantern float, reminiscent of the Japanese toro nagashi flowing lantern ceremony, took place Friday evening when the tranquil waters of Arnold’s Pond in Goffle Brook Park were illuminated by drifting lanterns marked in memory of lost loved ones, well wishes, hopes, prayers, remembrances, and other meaningful sentiments held by residents.

The lantern float was a ...

Rock ‘n’ Joe’s in Westfield May Re-Open Next Week, Owner Says

WESTIFELD, NJ – Rock ‘n’ Joe’s in Downtown Westfield is tentatively set to re-open next week following an electrical fire on Saturday, according to owner Lincoln Chaudry.

The small fire was caused by an electrical short in the ceiling. According to Chaudry, the fire department needed to break through part of the wall and the ceiling to find the spark before dousing ...

Surf City Hotel's Application Rejected By the Surf City Land Use Board for Outdoor Dining

April 17, 2018

SURF CITY - There has been a lot of positive change going on at the Surf City Hotel the last two years and especially this off season. New owner Greg Gewirtz, his wife Colleen and other family members have been working hard completing renovations to improve the hotel, bar, liquor store, restaurant and night club.

The owners were hoping those improvements would include approval to set ...

The Issue of Alternatives to Elected School Boards

April 13, 2018

The time of electing local school boards should come to an end. According to the National School Boards Association, “the local school board is a critical public link to public schools. Whether elected or appointed, school board members serve their communities in several important ways. First and foremost, school boards look out for students. Education is not a line item on the school ...

Letter to the Editor: Don't Complain. Vote!

Don’t Complain; Vote!

It’s no secret that people have strong feelings about what’s happening in our country. It’s also true that much of politics is local. In November, NJ-11th District residents will have the opportunity to choose a new congressional representative who will not only serve as a critical check on the federal level, but also determine how our distract ...

How Can Sports Therapy Loosen Up Winter Muscles?

Whether you are new to the gym or a seasoned athlete, the winter weather can affect your body. In these cold conditions, muscles are forced to work harder to complete tasks. This extra effort can result in muscle soreness and damage to tissue. While you may not be able to avoid the cold, preventive measure can help avoid discomfort and injury. Learning and implementing sports therapy techniques, ...

Pro Staff Institute announces partnership with Uber Health

NUTLEY, NJ - Pro Staff Institute is proud to announce their participation in Uber Health, a new transportation program designed to provide transportation to patients. Pro Staff Institute is the first physical therapy center in the nation to leverage Uber Health, and joins over other 100 health care organizations in the U.S., including hospitals, clinics, rehab centers and senior care ...

The Jaffe Briefing - April 18, 2018

OUR TAKE ON THE NEWS IN NEW JERSEY

PATERSON - At campaign rallies, why not just cut to the chase? That's what's happening in the Silk City, where a local social media celebrity was handing out $20 bills to would-be voters at a rally on Sunday for mayoral contender Pedro Rodriguez. Our favorite entertainer of all time, Fatboy SSE, had a thick wad of cash, which he was passing out ...

TAPinto Featured Franchisee: Plainfield's Jennifer Popper & Carolyn Wellington

This week's feature will focus on TAPinto Plainfield franchisees Jennifer Popper and Carolyn Wellington. TAPinto.net has more than 70 franchised online, local newspapers. Our franchise owners include journalists, hard-copy newspapers, and thanks to Jennifer and Carolyn, non-profit organizations such as the YMCA.

Find out how these local Plainfield, NJ residents ...

The Truth About My Reading

The Truth About My Reading

I didn't get my Composition and Literature teacher at Montclair State College at all. A crusty old man with a dour disposition, Mr. Smith always seemed angry and rude. He appropriately intimidated freshmen, even me, an English major, who found this common core course beneath my dignity. Frankly, as a graduate of Highland Park High School, and a survivor of Mrs.

The German Girl

The German Girl by Armando Lucas Correa (Washington Square Press, 2016)

For each of the twelve million victims murdered during World War II there is a gutwrenching story to be told. I have read hundreds of memoirs, biographies, plays, and novels that recount the stories of the martyrs; some are exceptional, some are fair. The German Girl by Armando Lucas Correa, an award-winning journalist, ...

The Skin Collector

The Skin Collector by Jeffery Deaver (Grand Central, 2014)

Jack the Ripper. The Boston Strangler. The Texas Watchtower Killer. The Zodiac Killer. The Angel of Death. The Butcher. BTK. The police and the press have a long history of dubbing serial killers with names that catch the attention of the public, usually having the effect of instilling greater fear and selling more print media so that ...

Kingsland Colonels vs Flemington Neshanock Base Ball Club at 4th Annual Base Ball Classic

April 16, 2018

Love Baseball?  Love history?  Watch 1860s Base Ball!

The Kingsland Manor Presents

The Flemington Neshanock Base Ball Club

Versus

Kingsland Colonels of Nutley Base Ball Club

4th Annual Base Ball Classic

May 5th, 2018 at Yanticaw, Boys Park, Nutley, N.J.

The Flemington Neshanock Base Ball Club plays by 19th Century rules, uses authentic replicas of 19th Century ...

Bloomfield Resident Recognized as Metro YMCA’s Top Employee

Bloomfield resident Sharon Malone works behind-the-scenes at the Metropolitan YMCA of the Oranges, but her contributions impact all 1,500 employees, helping them do their jobs better.

As quality assurance specialist for the seven-branch Metro YMCA, Malone “is the master of systems, details and ultimately stewardship and mission,” Chief Development Officer Lisa Kelly said.

MOUNTAINSIDE MEDICAL GROUP ADDS PULMONOLOGIST, JUHAYNA DAVIS, M.D.

Mountainside Medical Group announced today the addition of pulmonary physician Juhayna Davis, M.D., expanding the group to 17 physicians.

Dr. Davis's practice focuses on evaluating and treating patients with a variety of lung and respiratory symptoms including asthma, cancer, cough, chronic obstructive pulmonary disease (COPD, chronic bronchitis and emphysema), interstitial lung diseases, ...

Performance Programs for Egyptian Arabian Horses Now Open for Enrollment

Two innovative performance programs, hosted by The Pyramid Society and designed to support and promote the versatility of Egyptian Arabian horses in a wide range of performance disciplines, are now open for public enrollment. Whether you ride for pleasure, take lessons or compete on a local or National level, The Pyramid Society has a performance program for you.

The Performance Horse Award ...

Obituaries

Jul 21, 1966 - Apr 6, 2018
Sheila Rossi (nee Borges) 51, of Nutley, NJ died peacefully on April 6, 2018. Visitation will be ...
Read more
Jul 14, 1934 - Apr 3, 2018
Patrick Joseph Moran, 83, of North Caldwell, died on April 3, 2018. Relatives and friends are ...
Read more