NEWARK -- The downtown Newark skyscraper that houses Seton Hall Law School is for sale, though the school is not, and will remain in the first five floors of the Raymond Boulevard building.

One Newark Center, with its mostly-glass exterior set in a white windowpane grid, had also been home to another one of the city's most vaunted institutions, this one literally: the Newark Club, a private dining club and venue for countless weddings, political gatherings and other occasions, with spectacular views of the New York metropolitan region from the building's 22nd floor. The club was closed in March by its owners, who also own One Newark Center.

The owners are Mack-Cali Realty Corporation of Jersey City and an affiliate of the Manhattan-based Praedium Group. They own the property jointly.

One Newark Center has been on the market for some time, though its sale status was announced publicly this week by the Chicago-based business services firm Jones Lang LaSalle, which was hired to help market the building and is promoting it as an opportunity for investors to share in downtown Newark's recent building boom.

"Jersey City, Hoboken, Metropark and Morristown are all experiencing historically high occupancy and rental rates, which puts Newark in an ideal position to entice transit-minded tenants," Joseph Garibaldi, a JLL managing director, said in a statement.

The building is three blocks from Newark Penn Station, served by Amtrak, PATH and NJ Transit trains, as well as buses. It's also within easy walking distance of the Prudential Center arena and the New Jersey Performing Arts Center, sports and cultural venues customarily cited in sales pitches for downtown commercial and residential properties.

Seton Hall Law School will continue to own and occupy the five-floor base of the building, including the school's bowl-shaped lecture hall, a distinctive architectural feature of the building along Raymond Boulevard.

The portion being offered for sale includes 423,028 square feet of office space, and has its own entrance apart from the law school at the corner of Raymond and Mulberry. A 10-story, 945-space parking deck connected to the building is part of the deal.

Mack-Cali and the Praedium affiliate have been trying to sell the property since 2012 to pay off a $91.7 million loan on the property, according to a March report in Commercial Real Estate Direct, a subscription website. The report said the owners were initially asking $115 million, before dropping the price to $95 million in 2015.

A spokesman for JLL, Mark Faris, could not immediately say when the owners had bought the building or how much they paid for it.

Steve Strunsky may be reached at sstrunsky@njadvancemedia.com. Follow him on Twitter @SteveStrunsky. Find NJ.com on Facebook.