Matrix Development Group Announces New Lease with the Federal Reserve System’s Office of Employee Benefits at Newark’s Legal Center
New Lease Brings Strategically Located Office and Retail Tower to More than 90 Percent Leased
NEWARK, N.J. – Matrix Development Group, one of the Northeast’s most active and well-regarded real estate investment and development companies, has announced that the Federal Reserve System’s Office of Employee Benefits has signed a 23,547-square-foot lease at One Riverfront Center in Newark, N.J. Also known as the Legal Center, One Riverfront Center is an 18-story, Class A office and retail tower located in the heart of downtown Newark, adjacent to Newark Penn Station. The new lease brings the 420,000-square foot building to more than 90 percent leased.
“One Riverfront Center is a premier business location that continues to attract exceptional business investment for the City of Newark,” said Matrix Development Group Vice President Hilary Budny. “Our Class A office tower is just 20 minutes from Manhattan by train and centrally located to both Newark Penn Station and Newark Liberty Airport.”
The Federal Reserve System’s Office of Employee Benefits is the administrator for the Federal Reserve System’s benefits plans and programs, which serve more than 40,000 current and former employees of the 12 Federal Reserve Banks and the Board of Governors. The Office has been based in Newark since 2000 and currently has 45 employees at its Newark location, all of who will be relocated to One Riverfront Center.
Robert Lowe and Ed Duenas of Cushman & Wakefield, and Eric Deutsch of CB Richard Ellis, represented the Federal Reserve System’s Office of Employee Benefits in the transaction. Matrix was represented by Timothy Greiner and Hope Brodsky of Newmark Knight Frank.
The Federal Reserve System’s Office of Employee Benefits’ lease follows a 45,000-square-foot lease signed by LeClairRyan, a nationally known law firm, which houses approximately 80 employees at its Newark office. These two new lease signings are a reflection of Matrix’s ability to attract high-quality new tenants to the Legal Center despite challenging market conditions. Currently, 35,000 square feet of space is available at the 18-story office tower, which is directly connected to Newark Penn Station and Gateway Complex by a pedestrian skyway.
The building also offers immediate access to New Jersey Performing Arts Center and NJ Transit trains and buses, Amtrak and PATH trains. Newark Liberty International Airport is just three miles from the building and is easily accessible by car, bus or train. The tower also features first-class finishes and virtually column-free floors, and is a 24/7 building providing the ultimate in corporate convenience. The facility boasts a two-story lobby, underground parking garage and state-of-the art security system.
About Matrix Development Group
Matrix Development Group is a privately held, full-service real estate investment and development company with offices in New Jersey and Pennsylvania. The Company is active in the commercial, industrial, urban, residential, golf and hospitality markets throughout the Northeast and mid-Atlantic regions. Since its founding in 1979, the Company has developed real estate valued in excess of $1 billion and has been recognized for its leadership by numerous charitable, community and real estate organizations.
For more information on Matrix Development Group, please contact the Company’s Cranbury, New Jersey, office at 732-521-2900 or visit http://www.matrixcompanies.com.