Rugby tackles Newark
Real Estate Weekly – December 10, 2014
Rugby Realty Co., Inc. has acquired Three Gateway Center in Newark, N.J. from Tahl Propp Equities. Financial terms were not disclosed.
The 579,000 s/f, 19-story office tower is part of the four-tower Gateway indoor complex with its own café, a New York Sports Club, Hilton Hotel, Starbucks, daycare and covered parking.
It is nearby to the Prudential Center, the New Jersey Performing Arts Center, a new Dinosaur BBQ restaurant and a soon-to-be-built Whole Foods supermarket.
Maurice Ades, Rugby Realty’s principal and managing director, noted , “The tower offers tenants … the benefit of state tax incentives that can cut rent expenses in half.”
Rugby Realty will be investing $20 million in the building. The top 10 floors are offering 360,000 s/f are available. Cushman & Wakefield’s Richard Baumstein is leasing agent.
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