Mid Atlantic Real Estate Journal — New Jersey — May 11 - 24, 2012 — 27A
www.marejournal.com
N ew J ersey
EWARK, NJ — Sev- eral early 2012 lease transactions have re- Brendan Berger negotiates 6,230 s/f long-term lease renewal by Education Law Center Berger Organization leases last office accommodations at 60 Park in Newark N of leasing, include:
Park Building is located in the city’s central business district, a location with unparalleled desirability that justified sig- nificant capital improvements and marketing investment, according to Berger. “We set out to establish the Military Park Building as a destination of choice in Newark’s most desir- able corporate neighborhood,” he noted. “In four years, we have brought the property from 75 to 99 percent occupancy, a milestone confirming that we have achieved this goal.” Berger added that his com- pany is eager to find the “right”
operator for the building’s 6,000 s/f restaurant. “We are working tirelessly to find the best fit for our beautifully de- signed dining space,” he said. “Our target includes current restaurant operators who are interested in being part of this thriving neighborhood. In ad- dition to serving the daytime population at 60 Park Place, our building sits next door to both PSEG’s and Prudential’s headquarters. After hours, it is ideally located to draw patrons of the New Jersey Performing Arts Center, Prudential Center and other local venues.” n
•A6,230 s/f, long-term lease renewal by Education Law Center, which serves as an advocate of education reform in New Jersey. •A4,315 s/f, long-term lease renewal by the New Jersey In- stitute for Social Justice. • A 1,200 s/f expansion by Somerset Christian College, which now occupies more than 15,000 s/f at the Military Park Building. • A 900 s/f lease for on- line commercial radio station WNJR-Newark.com. The 85-year-old Military
tained long- term tenants and filled the last remain- i n g o f f i c e accommoda- tions at The Berger Or- ganization’s Military Park
Brendan Berger
Building, leaving only a street- level restaurant space available at the 250,000 s/f landmark tower. The milestone marks more than 70,000 s/f of leasing success since Berger acquired the property, located at 60 Park Place, in 2008. Themost recent transactions, all of which were negotiated by Brendan Berger, vice president North Haledon, NJ — NAI James E. Hanson represented both the seller and buyer in the sale of a first mortgage position in a 20-acre parcel of vacant land at 920 Belmont Ave. The sale of this first mortgage was sig- nificantly below face value; the property is currently zoned for affordable senior housing. NAI Hanson associate vice president Darren Lizzack co- ordinated the transaction for the seller of note, William Dworetzky and Katherine Dworetzky, and the purchaser, 920 Belmont Associates. Lizzack explained that the listed seller was owned by the previous property owner and the mortgagor has been in default for the past few years. The buyer will have to foreclose on the developer in order to obtain title to the property and then obtain ap- provals for future development of the site. In Union, NAI Hanson com- pleted a 9,600 s/f industrial lease transaction at 697 Rah- way Ave. NAI Hanson senior vice president Thomas Ryan and sales associate Russell Ver- ducci represented the land- lord, Rummel Fibre Co., Inc. Weichert Commercial Broker- age vice president David Wil- liams represented the tenant, Canary CustomClosets, which is relocating from 1474 Ridge- way St., also in Union. n NAI James E. Hanson announces landsale in North Haledon
60 Park Place
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