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Real Estate Journal — New Jersey — Section B
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Iconic Newark property in CBD is slated for major updates Berger Organization plans major renovations to 33 Washington Street Office Tower
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The sale includes the sixth through the 22nd floors of One Newark Center, totaling 423,028 s/f. The first five floors are owned and occupied by Seton Hall Law School. The of- fering also includes a 10-story, 945-space parking structure that is physically connected to the office tower. “The purchase of One New- ark Center demonstrates Bei- jing Ideal Group’s confidence in the future of Newark and the surrounding region,” said Garibaldi. “The Chinese in- vestment and development company saw great potential in the office tower. The build- ing is well positioned to take advantage of Newark’s tre- mendous momentum as the city is attracting major cor- porations such as Broadridge Financial and Mars.” Investor interest in Newark “The demand for class A of- fice space in Newark continues to grow and 33 Washington’s location and amenities make it a highly desirable address for companies that want to be downtown,” said Miles Berger , CEO of Berger Orga- nization. “We are also very ex- cited about new developments within the neighborhood and what those will mean for the city’s business community.” The office building is sur- rounded by notable landmarks: Newark Public Library, John Ballantine House and the Newark Museum, which is also renovating its Washing- ton St. entrance. It will soon reopen to the public after 30 years. Other redeveloped prop- erties include a former and long-abandoned church on the block that is being redeveloped • Digital signage kiosks • A new St.scape • Fit-outs for Newark’s emerging high tech tenant base
as a new high-tech facility. In addition, a group of pri- vate business leaders are talk- ing to the City about redevelop- ing Washington Park, similar to the renovations completed several years ago at Military Park, which contributed to renewed interest and high tenancy levels in office build- ings there. The historic district is also being proposed by the City of Newark to Amazon for its HQ2 headquarters. 33 Washington St. has been sug- gested by the city as a poten- tial site for office space for the first phase of Amazon’s HQ2 project. 33 Washington is just two blocks from the Newark Broad St. commuter light rail and a half a mile from Newark Penn Station, which connects trav- elers to midtown Manhattan in 21 minutes. It is also con- veniently located to all major highways feeding in and out of Newark and into New York City. n
EWARK, NJ — 33 Washington St., a 450,000 s/f office tower
in downtown Newark, i s in the plan- ning stages for extensive renovations throughout all 19 floors and extend- ing out to the
Miles Berger
St. The office tower was ac- quired in March 2017 by Berg- er Organization , a diversified real estate development and HI-LIGHTS JANUARY 12 - 25, 2018
33 Washington St. rendering
NEWARK, NJ — JLL com- pleted the sale of One Newark Center on behalf of a joint- venture between an affiliate of The Praedium Group LLC and Mack-Cali Realty Corp. Beijing Ideal Group, a Chinese investment and development firm, acquired the class A, 423,028 s/f commercial office building in the heart of down- town Newark. One Newark Center is lo- cated on Raymond Blvd. be- tween McCarter Highway and Mulberry St., one block from both historic Military Park and Newark Penn Station. The building’s proximity to the train station provides ten- ants with NJ Transit, PATH and Amtrak service to New York and points along the Northeast Corridor, as well as access to the Newark Light Rail system. JLL’s capital markets pro- fessionals oversaw the sale transaction. All three firms were represented by Joseph Garibaldi and Thomas Walsh , managing directors; The iconic property, built in 1970 for Horizon Blue Cross/ Blue Shield, sits on 1.6 acres across the St. from Wash- ington Park in the James St. Commons Historic District, at the northern end of Newark’s central business district. It is now multi-tenanted by a range of leading companies, management firm headquar- tered in Newark.
including those in the growing technology sector. The build- ing has a fitness center, café, shared conference rooms and on-site parking; upper floors have views of the Manhattan skyline. Planned renovations include: • All new central systems – HVAC, elevators, lighting, security • Updated lobby
Onyx Equities and Garrison Investment Group expand Bergen office portfolio
JLL completes sale of One Newark Center in Newark, NJ has never been higher, he noted, as evidenced by the December 2016 sale of the 337,500 s/f Two Riverfront Plaza to a Kuwait-based in- vestment fund, and the Octo- ber 2016 sale of the 973,000 s/f 80 Park Plaza, both of which are located one block fromOne Newark Center. 2017,” said Walsh. “Prospec- tive buyer profiles ran the gamut, and included insti- tutional investors, regional operators and even foreign funds.”
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SPO TLIGHT SOUTHERN NJ
“The fact that another inter- national buyer has invested in a Newark office building speaks volumes about the evolution of the market,” said Lindenberg. “The perception of the city continues to improve in the eyes of international in- vestors, attracted by Newark’s connectivity to New York and the rest of the tri-state region.” Newark is investing in its green spaces. The city is revi- talizing historic Military Park and recently announced that the 22-acre Mulberry Com- mons will transform acres of surface parking lots into a “High Line-esque” park, bridging the central business district with the Ironbound neighborhood.” n
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Stephen Feinberg , vice president; and Katelyn Boro- vsky and Heather Lombar- di , associates. JLL ’s person- nel worked closely with Brian Lindenberg , vice president of asset management at Prae- dium. “Spurred by Newark’s pro- gressively transforming land- scape, One Newark Center was one of New Jersey’s most sought-after investments in One Newark Center
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