Lease for Full Floor at One Newark Center in Newark
The Gale Real Estate Services Company, a subsidiary of Mack-Cali Realty Corporation (NYSE:CLI), announced that it has signed a five-year lease renewal for a full floor, totaling 26,074 square feet, with The Internal Revenue Service (IRS) at One Newark Center, located at 1085 Raymond Boulevard in Newark, NJ.
Brian Decillis, assistant vice president of the Gale Real Estate Services Company, represented the landlord, and Charles Chandler, president of Wrightwood Properties, Inc., in Arlington, VA, represented the tenant.
“On behalf of our ownership group, we are pleased to retain the IRS as a satisfied tenant at One Newark Center. This continued commitment of the IRS reinforces the appeal of this class A office tower and Newark's Central Business District as a desirable place to conduct business,” said Mark Yeager, president of the Gale Real Estate Services Company. “We look forward to building upon a relationship that has been in place since 1992, when the IRS became one of the original tenants at One Newark Center, and serving the needs of the IRS for years to come."
A partnership comprised of the New York-based Praedium Group LLC and the Gale Real Estate Services Company acquired One Newark Center in 2006. The building is currently 99 percent leased and is managed and leased by the Gale Real Estate Services Company. The Gale Construction Company, LLC will act as construction manager for the tenant build out.
One Newark Center is a 22-story, 418,027-square-foot, class A office tower located in the heart of downtown Newark, one block from Newark Penn Station. The property is home to The Newark Club, which is located on the building’s 22nd floor. In addition, the building includes a 940-car parking facility, full-service banking and food service.
About Gale Real Estate Services Company
A subsidiary of Mack-Cali Realty Corporation, Gale Real Estate Services Company offers value enhancement and client service encompassing investment/development, marketing/leasing, asset management, construction, property/facility management, and corporate advisory services, financing, and asset disposition. Additional information on Gale Real Estate Services Company is available on the company’s Web site at www.thegalecompany.com.
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