Kushner, which continues to exit its New Jersey holdings, headeda partnership called Blackacre Newark Feeholder LLC that acquiredthe building in 2000, and completed a $5-million renovation a yearlater. With its acquisition of Kushner's share, Berger will spendanother $5 million in upgrades to the lobby, building core andelevators. The new owner also plans to re-open the building'sstreet-level restaurant space.


"Our goal is to further elevate its physical environment andamenities to meet the sophisticated requirements of today'stenants," says Miles Berger, chairman and CEO. "This building hastraditionally attracted tenants from within the city, although wehave seen a notable increase in the number of relocations fromoutside."


Completed in 1925, 60 Park Place is currently 75% occupied by amix 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 sfare listing with an asking price of $21.50 per sf.


The Berger Organization is no stranger to Newark - the companyowns and manages 10 Park Place--the former Fireman's InsuranceBuilding--and 50 Park Place, an office/hotel complex where it hasits local offices. "The purchase of 60 Park Place was a naturalacquisition, since we're very familiar with and maintain an activepresence in the neighborhood," Berger says.

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