2B — July 27 - August 16, 2012 — Brokerage Directory — Mid Atlantic Real Estate Journal
www.marejournal.com
B rokerage D irectory
By Miles Berger, The Berger Organization Office market continues to fuel Newark, New Jersey’s Rebound
hile it has not fully regained its pre- recession strength, the jobmarket continues to gain W
our Military Park Building (60 Park Place) clearly illustrates that trend, this spring reaching full occupancy with the signing of online commercial radio sta- tion WNJr-Newark.com, an expansion by somerset Chris- tian College, and renewals by the education Law Center and the New Jersey Institute for social Justice. Another example is our 200,000 s/f 570 Broad street, which this fall will see the open- ing of a new charter high school – Newark Prep. The ground- breaking school will occupy four floors totaling 60,000 s/f. The demands of Newark’s
growing daytime population, plus the strong traffic gener- ated by the city’s well-known entertainment and sports ven- ues including Prudential Cen- ter and NJPAC, and Newark’s close proximity and acces- sibility to New York’s tourism attractions have combined to provide a major boost for service industries. There have been an increasing number of restaurant openings, and Newark’s hospitality market has heated up. our Best Western robert Treat hotel, for example, has seen a significant jump in oc- cupancy, and smith Travel research reports that average occupancies have increased across the board. Further, Courtyard by Marriott broke ground earlier this year for a 150-room hotel—the first new hotel in downtown Newark in four decades—and Indigo hotel has announced a boutique 100- room property just two blocks away from the Marriott. Newark is gaining other amenities as well. For example, a multi-million-dollar reha- bilitation of Military Park is underway. headed by Daniel Biederman, who designed the city’s beautiful Bryant Park 30 years ago, the project includes a rehabilitation of the restaurant kiosk, new plantings, struc- tural changes to the walking paths, mobile furniture, free continued on page B
leases. We expect that trend to continue for the remainder of the year. one clear trend that has emerged is that more compa- nies have been moving from the suburbs into Newark, as illustrated by several projects being launched in the city’s downtown, bringing growth in daytime population volume that has not been seen in the city in decades. The list of projects includes the new U.s. headquarters for Panasonic, which Matrix Development Group and sJP Properties are developing at one riverfront Center. When completed, ap-
proximately 1,000 Panasonic employees will come to New- ark on a daily basis – parking, working and eating here. Also, Prudential Financial has announced plans for a new office tower on Broad street to house 2,000 employees. Just as important as job growth, it is a project that will turn a site that had been abandoned for more than three decades into a thriving commercial asset and tax ratable for Newark. Beyond those major projects, recent tenant signings have been a varied, eclectic mix that demonstratesNewark’s increas- ing diversification and vitality.
momentum in New Jer- sey, as else- where, and that trend is impacting of- fice leasing in Newark, New Jersey’s larg- est city. Activ-
Miles Berger
ity has continued to pick up through the first half of 2012, with more companies request- ing space showings, expressing serious interest, and signing
The Berger Organization Leading the way in Newark, New Jersey
Providing premier office space in Newark’s finest business districts. Serving the business community for over 35 years.
Brokerage Directory
a section of the Mid Atlantic Real Estate Journal P.O. Box 26, Accord, MA 02018
781-871-5298 • 800-584-1062
fax 781-871-5299 MARE journal.com
Military Park Building
Robert Treat Center
Fireman’s Insurance Company Building
Section Publishers Linda Christman lchristman@marejournal.com
Michael Campisi mcampisi@marejournal.com
For more information contact: Brendan Berger at: 973-623-3300 • brendan@bergerorg.com
570 Broad
Elaine Fanning efanning@marejournal.com Section Editor Karen Vachon kjoy@marejournal.com
Berger Organization www.bergerorg.com
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