Praedium's $111m vote of confidence in Newark market.The Praedium Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Gale Real Estate Services Company, a subsidiary of Mack-Cali Realty Corporation, announced the acquisition of One Newark Center for $111 million. The property was acquired from Bellemeade Development Corporation. One Newark Center is a 22-story, 418,027 s/f Class-A office tower located in the heart of downtown Newark Downtown Newark is Newark, New Jersey's major central business and cultural district. It is located at a bend in the Passaic River. Interstate 280 was built just north of Downtown. Downtown is the site of the original Puritan settlement of Newark. , NJ. The property includes a private membership club known as The Newark Club, which is located on the building's top floor. In addition, the investment includes a 940-car parking facility as well as an adjacent vacant commercially zoned land parcel, which may accommodate new development. The property was 98.6% leased at the time of purchase. Current tenants include Latham & Watkins, Kirkpatrick & Lockhart, and The United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Trustees office. "We believe in the future of Newark," commented a founding partner and Praedium's chief investment officer, Floyd Lattin. Frank Patafio, principal at The Praedium Group, added, "The acquisition of One Newark Center presents an opportunity to realize attractive risk-adjusted returns Risk-Adjusted Return A measure of how much risk a fund or portfolio takes on to earn its returns, usually expressed as a number or a rating. Notes: This is often represented by the Sharpe Ratio. The more return per unit of risk, the better. from one of Newark's pre-eminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae office towers. Newark has become an increasingly attractive option for businesses seeking alternatives in the tightening New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. office market." "Gale Real Estate Services Company is extremely pleased to be once again partnering with The Praedium Group to acquire this signature Newark office building. We are particularly proud to continue our investment in Newark, a city we have been active in for over 12 years," commented Gale President Mark Yeager. Praedium is currently investing its most recent $700 million real estate private equity fund, Praedium Fund VI. This equity will be leveraged to acquire more than $2 billion in properties. The fund invests in mid-cap assets throughout the United States and Canada, targeting multi-family, office, retail and industrial property types. |
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