Kushner, which continues to exit its New Jersey holdings, headed a partnership called Blackacre Newark Feeholder LLC that acquired the building in 2000, and completed a $5-million renovation a year later. With its acquisition of Kushner's share, Berger will spend another $5 million in upgrades to the lobby, building core and elevators. The new owner also plans to re-open the building's street-level restaurant space.

"Our goal is to further elevate its physical environment and amenities to meet the sophisticated requirements of today's tenants," says Miles Berger, chairman and CEO. "This building has traditionally attracted tenants from within the city, although we have seen a notable increase in the number of relocations from outside."

Completed in 1925, 60 Park Place is currently 75% occupied by a mix of law firms, government agencies and service organizations. Its largest tenant, the Worker's Compensation Rating & Inspection Bureau, has been located there for more than 40 years. Current contiguous availabilities ranging from 1,000 to 30,000 sf are listing with an asking price of $21.50 per sf.

The Berger Organization is no stranger to Newark - the company owns and manages 10 Park Place--the former Fireman's Insurance Building--and 50 Park Place, an office/hotel complex where it has its local offices. "The purchase of 60 Park Place was a natural acquisition, since we're very familiar with and maintain an active presence in the neighborhood," Berger says.