JLL has completed four new transactions, totaling 67,612 square feet, at One Newark Center for building owner Beijing Ideal Group. Wintrust Life Finance, the U.S. Department of Housing and Urban Development, H&N Group and Partner Energy each inked lease at the iconic Class A, 423,028-square-foot commercial office building in the heart of downtown Newark.
Beijing Ideal Group was represented by Chris Conklin, senior vice president, and Craig Eisenhardt, managing director, both with JLL, in all four transactions. The pair worked closely with Amanda Zega, Senior Real Estate Manager, and her team at CBRE Inc. and Eugene Nazarov, Director of Leasing, and his team at Blairmore Development Group.
“Beijing Ideal Group saw great potential in One Newark Center when it acquired the office building in November 2017, and JLL’s capital markets professionals had an opportunity to oversee the sale transaction,” said Conklin. “In addition, the new owners also tapped JLL to oversee leasing at this iconic property. The purchase came at a time when Newark was seeing a significant increase in tenant activity. Everyone involved with the building successfully worked as a team to secure these important leases.”
Wintrust Life Finance, a subsidiary of Wintrust Bank, signed a long-term lease for 22,026 square feet and will occupy the entire top floor of One Newark Center. The building’s top floor was previously known as The Metropolitan Room at The Newark Club, the last private club in Newark, and has unparalleled views of downtown Newark and Manhattan. The life insurance premium finance lender is relocating to the building from its previous offices at 101 Hudson Street in Jersey City. Wintrust Life was represented by Daniel Johnson, director, and Scott Schubert, senior associate, with Cushman & Wakefield Inc.
The U.S. Department of Housing and Urban Development inked a short-term lease extension for the 40,155 square feet it occupies in One Newark Center.
H&N Group completed a long-term lease for 3,415 square feet in the property. This California-based seafood importer, processor, wholesaler and distributor is opening a new office at One Newark Center. The tenant was represented by Jamie Drummond, senior managing director, and Andrew Perrotti, associate director, of Newmark Knight Frank.
Partner Energy signed a lease for 2,016 square feet in the building. This California-based energy efficiency and sustainability consulting services firm is opening a new office at the building. The tenant was represented by Christopher Marx, senior vice president and branch manager, and Peter McMullen, associate, with Savills Studley.
“We are really excited to have successfully landed these deals in such a short time period,” said Eisenhardt. “Phase one of this project was securing this initial wave of leases and, for Phase two, ownership is looking at smart capital improvements that will further improve this Class A asset.”
One Newark Center is strategically located on Raymond Boulevard between McCarter Highway and Mulberry Street, just one block from both historic Military Park and Newark Penn Station. The building’s proximity to the train station provides tenants with NJ Transit, PATH and Amtrak service to New York and points along the Northeast Corridor, as well as access to the Newark Light Rail system.
One Newark Center’s location provides tenants with a plethora of retail and restaurant options, and cultural attractions such as the New Jersey Performing Arts Center; the Prudential Center, which will open the new Grammy Music Experience later this year; and the Newark Museum. The 22-story office building was constructed in 1992 and offers easily-divisible floor plates ranging from 22,000 square feet to 26,000 square feet, some with outdoor balconies.