THE BERGER ORGANIZATION ACQUIRES 60 PARK PLACE IN NEWARK, N.J.
New Owner Plans Additional Enhancements for Landmark Office Tower
NEWARK, N.J., Jan. 15, 2008 - Newark's Military Park Building at 60 Park Place has been acquired by The Berger Organization, a long-time commercial real estate developer and manager in the city. The historic property was purchased from Kushner Companies by Berger, which had been a minority partner in the 250,000-square-foot office tower.
Cushman & Wakefield, Inc.'s Metropolitan Area Capital Markets Group orchestrated the sale, which brings Berger's interest in 60 Park Place from 15 to 100 percent. "The purchase of 60 Park Place was a natural acquisition for The Berger Organization since we are very familiar with, and maintain an active presence in, the neighborhood," said Miles Berger, chairman and chief executive officer. Berger also owns and manages 10 Park Place, the former Fireman's Insurance Building, and 50 Park Place, The Robert Treat Center office complex and historic Robert Treat Hotel.
A celebrated corporate landmark, 60 Park Place was built in 1925 and is recognized as a classic fixture in the Newark skyline. The 21-story building is situated in the city's central business district, just one block from the renowned New Jersey Performing Arts Center. It provides commanding views of the surrounding city and New York skyline; overlooks Military Park; and offers proximity to Newark's public transportation system, courts and law schools.
The property underwent a comprehensive refurbishment in 2001 that included a new front entranceway façade, extensive exterior restoration and new windows, installation of prominent lighting and renovated common areas. In addition, extensive mechanical upgrades and digital fire protection signaling and advanced fire safety equipment were installed.
Berger will launch a new $5 million renovation. Planned improvements include upgrades to the lobby and core building as well as elevators. The new owner also intends to re-open the building's street-level restaurant space.
"Our goal is to further elevate 60 Park Place's physical environment and amenities to meet the sophisticated requirements of today's tenants," explained Berger. "Simultaneously, we are contributing toward the on-going renaissance of this vital city. We look forward to continuing our track record for success by bringing the property to a new first-class level for tenants in 2008."
Currently, 60 Park Place is 75 percent occupied, with contiguous availabilities from 1,000 to 30,000 square feet. Included parking with nearly 1,000 spaces, signage opportunities and on-site property ownership and management are among the many benefits for tenants. Additionally, the property offers easy access to Newark Liberty International Airport and major thoroughfares, and is within walking distance to Penn Station, which provides 20-minute NJ Transit and PATH service to midtown and downtown Manhattan. Nearby transportation options also include the Newark Broad Street Station and new Newark Light Rail.
60 Park Place houses a mix of tenants, including many law firms, government agencies and service organizations. The property's largest tenant, the Worker's Compensation Rating & Inspection Bureau, has been located there for more than four decades.
"This building traditionally has attracted tenants from within the city, although we have seen a notable increase in the number of relocations from outside Newark's borders," Berger noted. "We expect this trend to gain momentum in the coming year, especially as more Manhattan-based companies recognize the ease of access to Newark and the extraordinary price differential. They literally can lease back-office space for half the cost of New York."
Berger also cited the on-going progress of Newark as a cultural and recreational hub among the city's major draws. "Today, Newark's residents, business tenants and visitors can enjoy 100 nights of performances each year at NJPAC, 200 nights of events and NJ Devils hockey at the newly opened Prudential Center and minor league baseball at the Newark Bears Stadium," he said. "Newark has truly become a 24/7 city."