New Jersey has made plans to consolidate state offices in Newarkinto two buildings--including the landmark IDT tower--saving up to$10 million a year, the Treasury Department said late lastweek.
After years of planning and negotiation, the state signedletters of intent last Friday on two 10-year leases, which will cutits office space in Newark from 620,000 square feet to 580,000square feet by 2011, Treasury spokesman Tom Vincz said in astatement.
The state plans to take 484,000 square feet in the former IDTbuilding--now owned by Broad-Atlantic Associates LLC--at 520 BroadSt. for $28.77 per square foot and 103,000 square feet at 765 HenryInvestors-owned 765 Broad St. for $21.55 per square foot.
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