2B — April 11 - 24, 2014 — New Jersey — Mid Atlantic Real Estate Journal
N EW J ERSEY
Fairfield Corporate Park, Fairfield, New Jersey
Under Berger Organization’s direction, leasing climbs Three leases at 570 Broad in Newarkbringoccupancyto85%
EWARK, NJ — Three long-term leases to- taling 53,000 s/f have brought 570 Broad in New- ark to a milestone 85 percent occupancy this winter. The 200,000 s/f, 15-story tower was just 20 percent leased in 2011, when The Berger Organization acquired a con- trolling interest in 570 Broad Street, LLC, the partnership that owns the asset. Brendan Berger, vice presi- dent of The Berger Organiza- tion, represented his com- pany in negotiating the latest commitments at 570 Broad, where: N
•Programs for Parents leased 22,000 s/f, relocat- ing from another Newark property. The not-for-profit organization supports chil- dren, 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 s/f. The full- service law practice has ap- proximately 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 Re- public Insurance of NJ leased 12,000 s/f. The non-profit Con- sumer 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 St. initially served as the NJ headquarters for IBM, and later as a regional office for First National State Bank. After subsequent ownership changes, the building sat va- cant 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 build- ing,” Berger said. “These latest commitments, and the overall vast improvement in the property’s occupancy level, show that we are suc- ceeding.” Other tenants at 570 Broad include State Farm Insurance, Chase Manhattan Bank, Baldassare & Mara, Reliable Health Solutions, PC Tech and Lycatel. Berger con- tinues to market availabilities from 2,500 s/f. The Berger Organization. is in the midst of additional building infrastructure im- provements. Ongoing plans call for a parking element with one space per 1,000 s/f, a conference room for use by tenants, and a fitness center for tenants and their employees.
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570 Broad in Newark
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