Mccarter & English Renews 143,000-Sq. Ft. Lease at Four Gateway Commitment Follows Heritage Management’s Purchase of Newark Office Tower

Newark , N.J. May 02, 2007

McCarter & English, LLP, New Jersey's oldest and largest law firm, has renewed its 143,000-square-foot lease at Four Gateway Center in Newark, announced Steven Greenberg and Jeffrey Greenberg, principals of Heritage Management Company. The renewal marks the first lease transaction at Four Gateway Center since Heritage purchased the 327,000-square-foot, Class A office tower last fall.

McCarter & English is a firm of more than 400 lawyers with additional offices in Boston, Hartford, Stamford, New York City, Philadelphia, Wilmington and Baltimore. Founded in Newark in the mid-1800s and in continuous business for more than 160 years, it ranks among the oldest and largest law firms in America.

Situated in the heart of Newark’s downtown office district, the 15-story Four Gateway Center building is part of the landmark Gateway Center complex located adjacent to Newark Penn Station. The building currently is 92 percent leased to McCarter & English and Prudential Insurance.

"When we purchased Four Gateway Center, McCarter & English was looking at other space options," said Jeffrey Greenberg. " We are extremely proud to have played a role in retaining for Newark one of the city’s longest-term, highest profile tenants. Their presence at Four Gateway Center is a testament to the building and to the City, and we are committed to upholding the prestigious image the firm projects for its employees and clients here."

Heritage Management Company is planning to renovate the McCarter & English offices at Four Gateway Center. "Building on the presence of the strong credit tenants here, we will strengthen the property’s competitive position through a program of capital improvements to the lobby and retail space," Greenberg said. "Our immediate goals are to reposition the building’s retail component and stabilize the office portion with long-term leases."

"Heritage took a risk on the McCarter & English renewal when it bought Four Gateway Center because the company has such a strong belief in this city’s potential," said Jon Mikula of Holliday Fenoglio Fowler, who arranged debt financing for the Four Gateway Center acquisition on behalf of Heritage Management Company. "Every investment that this company has made in Newark has been visionary, and it has been gratifying to watch the company's – and the city's – progress resulting from its involvement there."

Four Gateway Center, which was purchased through a joint venture with Ivy Equities, represents Heritage Management’s third Newark office investment. The firm purchased 550 Broad Street, a 312,000-square-foot office tower in the city’s central business district in 2000 and three years later bought the neighboring, 200,000-square-foot 570 Broad Street. Successful repositionings at both properties are credited for launching the renewal of the now thriving Broad Street neighborhood. Both buildings received BOMA’s "The Office Building of the Year" award and NJBIA’s "New Good Neighbor" award. Heritage sold 570 Broad Street in 2007 and used 1031 Exchange monies from that disposition to purchase Four Gateway Center.

"We are thrilled to continue our involvement in the City of Newark," Steven Greenberg said. "The Gateway neighborhood is an exciting place to be, with the new Devil’s arena going up right next door and the city’s continued corporate, retail, residential and cultural renaissance. We believe in Newark, and we believe in this location."

Press Info

Heritage Capital Group, LLC
Post Office Box 627 123 Prospect Street, Ridgewood, NJ 07451
P: 201.251.9700 F: 201.251.9009