Berger Acquires 570 Broad Street in Newark
The Landmark 15-story, 200,000-Square-Foot Newark CBD Office Tower is Slated for Substantial Upgrades.
- Newark, NJ (1888PressRelease) March 30, 2011 - The Berger Organization has purchased a controlling interest in 570 Broad Street LLC, a partnership, and will manage and operate the central business district office building of the same name. Originally constructed in 1960, the 15-story tower offers a total of 200,000 square feet of office space with ground-floor retail space.
"This building is a Newark landmark, and we are pleased to add this outstanding property to our growing portfolio in the City of Newark," said Miles Berger, Chairman and Chief Executive Officer of the Newark-based Berger Organization. "Our plans are to reposition the building in the Newark office market, re-establishing it as a first-class, Class A building.
"Over the past year, 570 Broad Street LLC has updated the office spaces with the latest technology, installed new state-of-the-art high-speed elevators, HVAC and security systems, and high-speed fiber-optics," Berger said. "Our ongoing plans call for a parking element with one space per 1,000 square feet, a conference room for use by tenants, and a fitness center for tenants and their employees."
Originally constructed in 1960 by Helmsley-Spear, 570 Broad Street initially served as the New Jersey headquarters for IBM, and later as a regional office for First National State Bank. After subsequent ownership changes, the building sat vacant for several years before undergoing upgrades in 2004 and 2006 by a previous owner.
Located across from Newark's Washington Square Park, 570 Broad Street is a short distance from transit hubs Newark Penn Station and Broad Street Station. Also within walking distance are the Newark campuses of Seton Hall and Rutgers universities and the New Jersey Institute of Technology, as well as the New Jersey Performing Arts Center and the Prudential Center.
Full floors of 15,000 square feet, divisible to 2,500 square feet, are currently available at 570 Broad Street. Existing tenants include State Farm Insurance, Chase Manhattan, Atlantic Federal Credit Union, PC Tech, and LycaTech.
"We have recently seen an increase in activity in the Newark office market, including considerable interest in the availabilities at 570 Broad Street," said Berger. "There have been a number of companies moving here from Manhattan and the New Jersey suburbs, attracted by the city's location and proximity to mass transit. At least 50 percent of the activity we have been seeing involves companies moving in from outside the city."
In addition to 570 Broad Street, The Berger Organization's growing Newark portfolio includes the landmark office buildings at 10, 50, and 60 Park Place (the Fireman's Insurance Building, Robert Treat Center, and Military Park Building, respectively). Other properties in the city include the 176-room Best Western Robert Treat Hotel, and the Griffith and Hahne buildings at 605 and 609 Broad Street, both slated for mixed-use redevelopment.