NEWARK, N.J. — The Berger Organization has acquired a controlling interest in a 200,000-square-foot office tower located in downtown Newark. The property is located at 570 Broad Street, across from Washington Square Park. It is also a short distance from two New Jersey transit stations as well as the campuses of Seton Hall and Rutgers universities.
The 15-story tower was originally constructed in 1960 as the New Jersey headquarters for IBM. It was later occupied by First State National Bank and sat vacant for several years before the previous owner acquired it in 2004 and completed renovations. Current tenants include State Farm Insurance, Chase Manhattan, Atlantic Federal Credit Union, PC Tech and LycaTech. The building's ground level contains retail space.
“The building is a Newark landmark, and we are pleased to add this outstanding property to our growing portfolio in the City of Newark,” said Miles Berger, chairman and CEO of The Berger Organization, in a statement. “Our plans are to reposition the building in the Newark office market, re-establishing it as a first-class, Class A building.”
Mr. Berger goes on to say that a conference room and a fitness center will be added in the near future. Renovations will also include a new 200-space parking structure. Over the past year, 570 Broad Street LLC, the ownership entity that Berger now controls, has already completed several renovations to the property. New elevators, HVAC and security systems, and high speed fiber-optics have been installed.
The Berger Organization already has significant holdings in Newark. It currently owns the Fireman's Insurance Building, the Robert Treat Center and the Military Park Building, which are located at 10, 50 and 60 Park Place, respectively. It also owns the 176-room Best Western Robert Treat Hotel as well as the Griffith and Hahne Buildings, which are located at 605 and 609 Broad St., respectively, and are scheduled for mixed-use redevelopment.
— Coleman Wood