Expansive IDT Leasing Newark Building

//August 9, 2005//

Expansive IDT Leasing Newark Building

//August 9, 2005//

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It all fits. Developer Kushner Companies of Florham Park is believed to be in the final stages of buying 494 Broad Street in Newark for about $7.5 million from its owner and current resident, the nonprofit Catholic Community Services (CCS). And telecommunications firm IDT of Newark is close to signing a long term lease for that 120,000-sq.-ft. office building, just down the street from its current headquarters.That was the talk in real estate circles just days before IDT”s $60-million bid last week for ITXC, an Internet voice and data carrier based in Princeton. ITXC immediately rejected IDT”s hostile bid, saying the $1.40-a-share offer was too small, but that doesn”t mean the battle is over.IDT has been in an expansive mood and needs more room; it has 2,530 employees, while ITXC has about 225. In February, IDT made a $225-million bid for the Bermuda-based Global Crossing, a fiber optic firm with the bulk of its operations in Madison that is now in Chapter 11 bankruptcy proceedings. IDT moved its headquarters into the former Mutual Benefit Life building at 520 Broad Street two years ago from its previous base in Hackensack. Kushner was in tow at that time too, buying the 484,000-sq.-ft. building for $10.5 million.If the Kushner-IDT deal for 494 Broad St. goes through, current occupants CCS (80,000 sq. ft.) and the Post Office (40,000 sq. ft.) will have to find alternative space. CCS officials were not immediately available for comment.