Prudential Financial will maintain a 160,000-square-foot presence at Three Gateway Center in Newark, even after it relocates some of its operations to a new, 740,000-square-foot, 20-story office tower it is building on Broad Street across from Military Park. The new building is expected to be completed in the summer of 2015.
Tahl Propp Equities of New York, which owns Three Gateway Center, orchestrated the long-term lease extension with Prudential.
“Prudential’s full-building lease with Tahl Propp was scheduled to conclude at the end of this year,” said Richard Baumstein of Cushman & Wakefield. “However, the company determined it needed additional space and decided to continue to lease space at Three Gateway Center. Prudential’s decision to continue to lease space at Three Gateway makes a powerful statement to potential tenants for the building’s remaining space.”
Tahl Propp recently named Baumstein, along with Marc Graham and Christian Politan of Cushman & Wakefield’s East Rutherford office, and Bruce Mosler, Alan Wildes and Susan Clayton from the firm’s New York headquarters, as exclusive leasing agents for Three Gateway Center.
The building is part of a downtown complex that includes a total of five office towers, four parking structures and the Newark Hilton Hotel. Gateway connects by skywalk to the Amtrak-, PATH- and New Jersey Transit-served Newark Penn Station, with direct access to New York City. Newark Liberty International Airport is just minutes away. The skywalk also serves as a retail concourse with banks, restaurants, a fitness club and more. The complex also is adjacent to the Newark Legal Center, and Three Gateway is located across the street from the Prudential Center sports and entertainment arena.
“Three Gateway Center always has been an extraordinarily well-located and well-positioned asset,” said Rodney Propp of Tahl Propp, a century-old real estate investment, development and management company. “Now, to meet market demand and position the building for multi-tenant occupancy, we are launching a multi-million program of renovations and upgrades to the building’s common areas, vertical transportation and mechanical systems.”
With 327,000 square feet currently available, the building features 33,000- and 25,500-square-foot floor plates. On-site amenities include a full-service cafeteria, fitness center, conference center, child care center, six-story shared atrium lobby and a rooftop helipad. The building also offers an extraordinary building signage opportunity for a major tenant.
“Given the property’s location, amenity package and quality ownership, we have received a great deal of interest in the remaining space at Three Gateway Center,” said Baumstein. “Importantly, tenants also will have a chance to tap into attractive state incentive packages available through the Grow New Jersey program.”Related Articles: