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Praedium and Gale Grab One Newark Center

Around the State – North JerseyNEWARK The Praedium Group, a New York City-based real estate investment firm has purchased One Newark Center for $111 million in a joint venture with Gale Real Estate Services, a Roseland-based subsidiary of Mack-Cali Realty. The 22-story, 418,027-square-foot Class-A office tower, which is in downtown Newark, was acquired from Roseland’s Bellemeade Development. The acquisition also includes a 940-car parking facility as well as an adjacent vacant commercially zoned land parcel. The property was 98.6 percent leased at the time of sale.

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