9:00 AM
Newmark Grubb Knight Frank (NGKF) is pleased to announce that New York-based Tahl Propp Equities selected the firm to reposition, market and re-lease Three Gateway Center as a single- or multi-tenant opportunity. The iconic Class A ,19-story office tower in Newark, N.J., spans 579,000 square feet.
Part of the four-tower Gateway complex, Three Gateway Center features such amenities as a cafeteria, fitness center, daycare center, conference center, parking and rooftop helipad. The office is adjoined via skyway to Newark Penn Station, which connects to neighboring New York Penn Station as well as to regional train service. The property also offers full-building signage and a sizable space opportunity that is perfect for a corporate headquarters.
“This location also is ideal for New York-based corporations looking to take advantage of lesser cost alternatives to Manhattan,” said Tim Greiner, who is teaming up with David Simson, Hope Brodsky and Harrison Russell, all of NGKF’s Rutherford, N.J. office, and William Cohen of the firm’s New York City office on the assignment.
“The area is a dynamic example of revitalization, offers plenty of amenities for employees, and is a quick 12-minute train ride from midtown Manhattan,” he added.
The building is across the street from the Prudential Center arena that hosts professional and collegiate sporting events, family shows, concerts and other special events. The area is also home to the New Jersey Performing Arts Center, The Newark Symphony and Riverfront Stadium, among many restaurants and stores.
Tenants can apply for significant relocation incentives from the State of New Jersey. The current tenant, financial services giant Prudential, received state-sponsored incentives including transit hub tax credits to remain in Newark, N.J.
“The new Grow NJ Incentive legislation presents similar incentive opportunities for prospective new tenants at Three Gateway Center,” said Mr. Simson, vice chairman and COO of NGKF’s New Jersey operations. “For firms relocating from outside of New Jersey, the cost savings are extraordinary.”
Additionally, Tahl Propp Equities is planning a major capital improvement program following Prudential’s departure. The program will include redesigned lobbies, new elevator landings and bathrooms on the 27,000-square-foot floors, and upgrades to all the building’s systems.
Prudential’s current net lease of the entire Three Gateway Center runs through December 2014. It will vacate the property upon completion of its new headquarters, which is expected by the end of next year.
“At the conclusion of our capital improvement program, Three Gateway will be the crown jewel of Newark, with state-of-the-art design and systems that will rival any new construction on the east coast,” said Rodney Propp, chairman of Tahl Propp Equities.
About Tahl Propp Equities
Tahl Propp Equities www.tahlpropp.com (TPE), is a privately-held real estate investment, development and management company based in Manhattan. The firm and its affiliates have been in the real estate business since 1913 and presently own more than 4 million square feet of prime office, residential and retail properties, primarily in the tri-state area. The firm’s corporate tenancies include Morgan Stanley, Barclay’s, UBS, Northern Trust, Scholastic, Polo Ralph Lauren, Gap, Inc., and Hermes.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 12,000 professionals, operating from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.