Considered one of this city's signature office towers, 550 Broad St. was acquired by the locally based Heritage Management Co. in 2000. The company subsequently launched a major renovation program that upgraded the lobby and other common areas, the building's exterior and its internal systems. The Scotiabank lease brings the 282,000-sf building, which stood at 50% occupancy when it was acquired, to more than 80% occupancy.
"This office building has become a sought-after environment for tenants in Newark," according to Steven Greenberg, a principal of Heritage Management, who notes that about 50,000 sf of space is currently available. "It continues to generate significant leasing activity."
Heritage Management owns and manages a portfolio of some 60 office, industrial and retail properties in 20 states. "We are actively pursuing investment opportunities throughout the country," according to Greenberg.
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