A Chinese firm is investing in Newark.
Beijing Ideal Group, a investment and development company, purchased most of One Newark Center, a 22-story building on Raymond Boulevard near Military Park and Newark Penn Station, commercial realtor JLL announced this week.
The financial details of the company’s purchase from its previous owners, Mack-Cali Realty Corp. and The Praedium Group, were not disclosed. But, Cushman and Wakefield, a real estate services firm, announced earlier this month it had secured $66.58 million in financing for the Chinese company to buy the sixth through 22nd floors of the building. The first five floors will remain Seton Hall Law School, and were not part of the sale.
Morgan Stanley put up the 10-year, fixed rate financing for the sale, Cushman and Wakefield said.