Four companies have signed leases totaling 67,612 square feet at One Newark Center, a Class A commercial office building in downtown Newark, according to real estate services firm JLL.
JLL completed the transactions at the 423,028-square-foot property on behalf of owner Beijing Ideal Group. They include:
- Wintrust Life Finance, life insurance premium finance lender, long-term lease of 22,026 square feet;
- H&N Group, seafood importer and distributor, long-term lease of 3,415 square feet;
- Partner Energy, energy efficiency consulting firm, lease of 2,016 square feet;
- U.S. Department of Housing and Urban Development, short-term lease extension for 40,155 square feet, which it currently occupies.
JLL’s Chris Conklin, senior vice president, and Craig Eisenhardt, managing director, represented Beijing Ideal in all four transactions. They worked with CBRE’s Amanda Zega, senior real estate manager, and Blairmore Development Group’s Eugene Nazarov, director of leasing, and their respective teams.
“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,” Conklin said in a prepared statement. “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, which is moving to One Newark Center from 101 Hudson St., Jersey City, will occupy the entire top floor of the building, the former Metropolitan Room at the Newark Club private club. The tenant was represented by Cushman & Wakefield’s Daniel Johnson, director, and Scott Schubert, senior associate.
H&N and Partner Energy are both based in California and opening a new office in Newark. H&N was represented by Newmark Knight Frank’s Jamie Drummond, senior managing director, and Andrew Perrotti, associate director. Partner Energy was represented by Savills Studley’s Christopher Marx, senior vice president and branch manager, and Peter McMullen, associate.
“We are really excited to have successfully landed these deals in such a short time period,” Eisenhardt said in a statement. “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.”
The 22-story One Newark Center, built in 1992, is located on Raymond Boulevard between McCarter Highway and Mulberry Street.