NEWARK, NJ—Recent upgrades and renovations are helping 24 Commerce Street in Newark, NJ achieve high occupancy with several new tenants, according to Newmark Grubb Knight Frank, which leases the building for its Lakewood, NJ-based owner, Diversified Capital.

“We have seen tremendous leasing activity in the past few months and have only about 36,000 square feet remaining,” says Jeff Kolodkin, managing director of Newmark Grubb Knight Frank. “The landlord has made significant investments to improve the property, and is achieving excellent results with an 85 percent occupancy rate. Tenants like to see Landlords investing in their properties.”

Updates to the property include renovated restrooms, upgraded lobby areas and exterior improvements. The landlord is also making a major investment by upgrading the elevator system. The property now features ADA accessibility at both building entrances.

Tenants include: Pennoni Associates; the Law Firm of McCarter English; One Wall Partners; AJ Gallagher; Minuteman Press Printing; Cavalry Staffing; the Law Office of Michelle Labayen; Elite Financial; Patunas Law; Unique Home Care; the Law Office of Phillipe Kouassi and Blaise Odhiambo; Vertex Global; and AB Brown Photographers. Also new to the building are: ALM Media (the parent company of GlobeSt.com), the regional office of the New Jersey Economic Development Authority, and Frank & Pollack. Renewals and expansions have been active as well, with Clinton Chiropractic; Intelli-healthcare Solutions; Lycatel; and Freeman & Bass, Attorneys at Law.

24 Commerce Street is an 18-story professional office building, convenient to all public transportation. On-site amenities include a café, 24/7 access, 24-hour common area security cameras, on-site security and walking distance to Newark Penn Station. Tenants receive full service from the in-house management and maintenance team.

Property owner Diversified Capital owns and manages a portfolio of commercial and residential properties in New Jersey, Pennsylvania, Virginia, Connecticut and Texas. Founded in 1999 by Joseph I. Rosenbaum, the firm specializes in managing, acquiring and turning around properties, and repositioning these acquisitions as stabilized, income-producing assets within its long-term portfolio.

Instant Insights /

Flourishing Leasing Activity at 24 Commerce Street in Newark

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