The Berger Organization
50 Park Place
Newark, NJ 07102
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Release Date: Wednesday, January 14, 2015
Media Contact: Evelyn Weiss Francisco (201) 796-7788
Building Nears Full Occupancy with HQ Commitment, Smaller Pending Leases
NEWARK, N.J., Jan. 14, 2015 – With a 10,000-square-foot, long-term commitment by Lite DePalma Greenberg, LLC and a handful of smaller pending leases, The Berger Organization has announced that 570 Broad Street in Newark is nearing full occupancy. Less than four years ago, when Berger acquired a controlling interest in 570 Broad Street, LLC, the property's ownership, the building was just 20 percent leased.
Lite DePalma Greenberg will relocate its headquarters to the 200,000-square-foot, 15-story tower this summer from another Newark location in an expansion move. With additional offices in Philadelphia and Chicago, the law firm serves individual, business and governmental clients. Raymond Trevisan of Cassidy Turley served as tenant broker in negotiating the 570 Broad lease.
"Over the past few years, 570 Broad has attracted a roster of established and growing tenants looking for quality, affordable, accessible accommodations in downtown Newark," noted Brendan Berger, vice president of The Berger Organization, who represented his company for the Lite DePalma Greenberg transaction. "This property offers the full package, coupled with responsive service from our in-house management team."
"We look forward to our move to The Berger Organization's space," said Joseph DePalma, managing partner of Lite DePalma GreenBerg. "It is a perfect fit for our growing firm."
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. 570 Broad Street, LLC has modernized the building's technology capabilities, and installed new state-of-the-art high-speed elevators, HVAC and security systems, and high-speed fiber-optics. 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.
Today, 570 Broad serves as home to State Farm Insurance, Chase Manhattan Bank, Baldassare & Mara; Health Republic Insurance of New Jersey; McElroy, Deutsch, Mulvaney & Carpenter, LLP; Reliable Health Solutions; Programs for Parents; PC Tech; and Lycatel. "Downtown Newark has re-emerged as one of New Jersey's best places to do business, and leasing momentum is accelerating throughout the city as companies tap into its progress and potential," Berger said.
Located across from Newark's Washington Square Park, 570 Broad offers easy access to Newark Penn Station and Broad Street Station; local dining, shopping and lodging; and entertainment venues like Prudential Center, the New Jersey Performing Arts Center and Newark Bears Stadium. The property also is within walking distance of the Newark campuses of Seton Hall and Rutgers universities, and the New Jersey Institute of Technology.