Jones Lang LaSalle
Port Authority Extends Lease, Expands to 165,000 SF
By Eric Peterson
Last updated: December 15, 2005 08:36am
NEWARK-The Port Authority of New York and New Jersey has extended its lease and expanded to a total of 165,000 sf of office space at 2 Gateway Center in this city’s Downtown area. The bi-state agency is bumping up its occupancy from just over 148,000 sf in a deal with an estimated value of just under $50 million.
The owner of the building, the Skokie, IL-based American Landmark Properties, was represented by Dudley D. Ryan, senior vice president of Trammell Crow Co. in Florham Park. The Port Authority was represented in-house by its real estate group, including Francis DiMola, Roger Muessig and Arthur Cella. The agency, which will now occupy six full floors of the building, became a major tenant at 2 Gateway after its World Trade Center offices were destroyed on 9/11.
“This commitment is one of the largest real estate transactions to be completed in Newark over the past four years,” Ryan says. “This is a significant move for Newark’s Downtown commercial real estate market,” says city business administrator Richard Monteilh. “There is a lot of soft space in New Jersey, and leases of this caliber pull space off of the market and help increase business in the City of Newark.”
“It is also a strategic investment by the Port Authority,” says Barbara E. Kauffman, executive vice president of the Regional Business Partnership, a local business group. “Gateway Center is adjacent to Newark Penn Station, which is the nexus of many Port Authority operations.”
2 Gateway Center is an 832,000-sf, 18-story class A building that’s part of the larger Gateway Complex which includes four high-rise office towers, a retail mall and a Hilton hotel. American Landmark bought the asset in early 2002 for a reported $110 million, or about $132 a foot, from the New York City-based Witkoff Properties. That sale marked the third time the building had traded in four years, during which time its market value increased by approximately 190%.
Built in the early 1970s, 2 Gateway Center’s major tenant roster includes Prudential, the asset’s original owner. Other current tenants include Wachovia, the Board of Public Utilities and AmeriChoice.
Port Authority Extends Lease, Expands to 165,000 SF
By Eric Peterson
Last updated: December 15, 2005 08:36am
NEWARK-The Port Authority of New York and New Jersey has extended its lease and expanded to a total of 165,000 sf of office space at 2 Gateway Center in this city’s Downtown area. The bi-state agency is bumping up its occupancy from just over 148,000 sf in a deal with an estimated value of just under $50 million.
The owner of the building, the Skokie, IL-based American Landmark Properties, was represented by Dudley D. Ryan, senior vice president of Trammell Crow Co. in Florham Park. The Port Authority was represented in-house by its real estate group, including Francis DiMola, Roger Muessig and Arthur Cella. The agency, which will now occupy six full floors of the building, became a major tenant at 2 Gateway after its World Trade Center offices were destroyed on 9/11.
“This commitment is one of the largest real estate transactions to be completed in Newark over the past four years,” Ryan says. “This is a significant move for Newark’s Downtown commercial real estate market,” says city business administrator Richard Monteilh. “There is a lot of soft space in New Jersey, and leases of this caliber pull space off of the market and help increase business in the City of Newark.”
“It is also a strategic investment by the Port Authority,” says Barbara E. Kauffman, executive vice president of the Regional Business Partnership, a local business group. “Gateway Center is adjacent to Newark Penn Station, which is the nexus of many Port Authority operations.”
2 Gateway Center is an 832,000-sf, 18-story class A building that’s part of the larger Gateway Complex which includes four high-rise office towers, a retail mall and a Hilton hotel. American Landmark bought the asset in early 2002 for a reported $110 million, or about $132 a foot, from the New York City-based Witkoff Properties. That sale marked the third time the building had traded in four years, during which time its market value increased by approximately 190%.
Built in the early 1970s, 2 Gateway Center’s major tenant roster includes Prudential, the asset’s original owner. Other current tenants include Wachovia, the Board of Public Utilities and AmeriChoice.
posted by Jones Lang LaSalle NJ News Blog at 2:35 PM
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