The Berger Organization
50 Park Place
Newark, NJ 07102
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Release Date: Monday, March 31, 2014
Media Contact: Evelyn Weiss Francisco (201) 796-7788
Under Berger’s Direction, Leasing Climbs Precipitously at 200,000-Sq.-Ft. Tower
NEWARK, N.J., March 14, 2014 – Three long-term leases totaling 53,000 square feet have brought 570 Broad in Newark to a milestone 85 percent occupancy this winter. The 200,000-square-foot, 15-story tower was just 20 percent leased in 2011, when The Berger Organization acquired a controlling interest in 570 Broad Street, LLC, the partnership that owns the asset.
Brendan Berger, vice president of The Berger Organization, represented his company in negotiating the latest commitments at 570 Broad, where:
- Programs for Parents leased 22,000 square feet, relocating from another Newark property. The not-for-profit organization supports children, families and child care providers in Essex County, through advocacy and action, offering education, referrals, sharing best practices and access to available financial resources.
- McElroy, Deutsch, Mulvaney & Carpenter, LLP leased 19,000 square feet. The full-service law practice has approximately 300 attorneys in 10 offices in seven states. This includes 41 attorneys at its Newark operation, which will relocate to 570 Broad from another local address. Peter Blanchard and Lee Barnes of The Garibaldi Group served as tenant broker.
- Health Republic Insurance of New Jersey leased 12,000 square feet. The non-profit Consumer Operated and Oriented Plan (CO-OP), established through the Affordable Care Act, will take occupancy of its new headquarters at the building this spring. Harlan Hollander of Cushman & Wakefield served as tenant broker.
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.
“As operating partner for 570 Broad, our plan from the outset was to reposition the building in the Newark office market, re-establishing it as a first-class, Class A building,” Berger said. “These latest commitments, and the overall vast improvement in the property’s occupancy level, show that we are succeeding.” Other tenants at 570 Broad include State Farm Insurance, Chase Manhattan Bank, Baldassare & Mara, Reliable Health Solutions, PC Tech and Lycatel. Berger continues to market availabilities from 2,500 square feet.
During the past few years, 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. The Berger Organization is in the midst of additional building infrastructure improvements. 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.
“In addition to providing affordable space, 570 Broad offers an outstanding location in the heart of Newark, which once again is emerging as one of New Jersey’s best places to do business,” Berger said. “The city continues to attract companies that are looking to tap into its progress and potential as a 24/7 urban hub.”
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.