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Beijing Ideal China Group Acquires Newark High-Rise for $94M

Mack-Cali, Praedium Sell One Newark Center
December 12, 2017
Beijing Ideal China Group Co., Ltd., a Beijing-based property investment firm, acquired the upper 17 floors of the One Newark Center tower at 1 Newart Ctr. in Newark, NJ from Mack-Cali Realty Corporation and The Praedium Group for $93.9 million, or about $222 per square foot.

The 526,869-square-foot office building was delivered in 1992. Beijing's purchase includes 423,028 square feet in the tower.

Thomas Walsh, Joseph Garibaldi, Steve Feinberg and Katelyn Borovsky with JLL represented the seller.

Please see CoStar COMPS #4073694 for more information on this transaction.
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