Two Gateway Center

Newark, New Jersey

Class A Office Building
800,000 Square Feet
18-Story

In 2002, American Landmark Properties purchased Two Gateway, the largest Class A office property in Newark, New Jersey at 800,000 square feet. At acquisition, current and future vacancy was a major threat. American Landmark Properties successfully leased the property to 100% occupancy, including a 400,000-square-foot lease with the Prudential Insurance Company. Managed directly by American Landmark Properties, this iconic property realized a 20% reduction in operating expenses, which included substantial reduction in the unionized engineering and cleaning staff. As a result of the successful lease-up, the property was refinanced at the end of the third year of ownership, allowing the investors to recoup approximately 90% of their original equity investment. In 2008, the property was sold for approximately 150% of the original purchase price, reflecting in increased value generated by American Landmark Properties.

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