Besides Catholic Community Services, the US Postal Service is a key tenant of 494 Broad St., occupying a total of 35,000 sf on the second and third floors. Approximately 61,000 sf of space is currently available for immediate occupancy, according to Kushner officials.

Located in this city's Washington Park District just south of the Newark Bears' minor league baseball stadium, the building has been renovated during the past two years, including adding a new roof. The asset, which has parking for 200 cars, offers floor plates of 16,000 sf. The new owners haven't released any details about future plans for the building.

The latest deal marks Kushner's third office building acquisition in downtown Newark in recent years. In 1999, the company bought the 484,000-sf 520 Broad St. from Mutual Benefit Life for a reported $10.5 million, and subsequently signed IDT Corp. as the sole tenant on a long-term basis.

And in 2000, Kushner and the Manhattan-based Backacre Capital Management LLC teamed up to buy the 230,000-sf Military Park Building, also known as 60 Park Place, for an undisclosed price. With Kushner as operating partner, the new owners invested more than $5 million in capital improvements to the building during the following year, and since buying the asset have leased more than 100,000 sf of space to a variety of tenants.

Known primarily as a multifamily residential company--it owns and manages more than 25,000 apartment units in several states--Kushner has in recent years amassed a portfolio totaling 7.5 million sf of office, industrial and retail space. The company also has substantial land holdings for future development, and is involved in redevelopment projects in such New Jersey communities as Perth Amboy, Long Branch and Asbury Park.

Instant Insights /

Kushner, IDT Buy 494 Broad St.

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