A 22-story Newark office tower has traded for $111 million. The Praedium Group and Gale Real Estate Services Co. bought the 418,027 sq. ft. property from Bellemeade Development Co. Gale is a subsidiary of Mack-Cali Realty Corp., a listed office REIT (NYSE: CLI).
The property, which is located in the heart of downtown Newark, also features a 940-car parking garage as well as an adjacent vacant land parcel.
“We believe in the future of Newark,” says Floyd Lattin, founding partner and CIO at Praedium Group. “Newark has become an increasingly attractive option for businesses seeking alternatives in the tightening New York metropolitan area office market.”