Berger buys into Newark office building

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The Berger Organization announced its purchase of controlling interest in a well-known Newark office building partnership.

The Berger Organization

The Berger Organization announced its purchase of controlling interest in a well-known Newark office building partnership.

570 Broad Street

570 Broad Street LLC manages and operates the 15-story building of the same location.

Originally constructed in 1960, the 15-story tower offers a total of 200,000 square feet of office space with ground-floor retail space, according to a press release.

Current tenants of the building include Chase Manhattan, State Farm Insurance, and Atlantic Federal Credit Union. It was originally constructed in 1960 as the New Jersey headquarters of IBM.

“We have recently seen an increase in activity in the Newark office market, including considerable interest in the availabilities at 570 Broad Street,” said Berger Organization Chairman and Chief Executive Officer Miles Berger. “There have been a number of companies moving here from Manhattan and the New Jersey suburbs, attracted by the city’s location and proximity to mass transit. At least 50 percent of the activity we have been seeing involves companies moving in from outside the city.”

A previous owner completed renovations in 2004 and 2006, and The Berger Organization intends to continue upgrading the space.

“Over the past year, 570 Broad Street LLC has updated the office spaces with the latest technology, installed new state-of-the-art high-speed elevators, HVAC and security systems, and high-speed fiber-optics,” Berger said. “Our ongoing plans call for a parking element with one space per 1,000 square feet, a conference room for use by tenants, and a fitness center for tenants and their employees.”

In the News

Berger properties were in the news earlier this month involving the NCAA Tournament.