Makeover Set for 222,000 SF Landmark Building

The event that sparked the retrofit came last fall when the Florham Park, NJ-based Kushner Cos. became operating partner of the building through a joint venture with Manhattan-based Blackacre Capital Management. "This project will allow the building to reach its full potential, because it occupies a prime location in the city," says Kushner managing director Richard Stadtmauer. "Newark's rebirth has made it a very attractive place to do business. We will bring the property's infrastructure up to class A standards."

The revamp will include everything from the extensive-- completely upgraded building systems -- to the cosmetic, including new facades and new exterior lighting. Among other things, the 220,000-sf Military Park Building will get a 6,000-amp enhancement of its electrical service, according to Stadtmauer, doubling its current capacity. All fire, safety and HVAC systems will be upgraded, all windows will be replaced, and common areas will be renovated. The project is expected to be completed by the end of the year.

Since it was built, the asset, situated on the city's Downtown Military Park, has housed various government agencies; PSE&G, the utility company; and numerous law firms. Even before the retrofit was announced, leasing activity has picked up, something that Stadtmauer attributes to Newark's economic comeback.

Recent signees include office users IDAMAR Enterprises, the New Jersey Institute for Social Justice, and Phoenix Waste Services Co. On the retail side, the much-heralded Arthur's Downtown at Newark restaurant has opened on the ground floor. Existing tenants include the Compensation Rating and Inspection Bureau, Hunt Hamlin & Ridley, Hudson City Savings Bank, Levy Ehrlich & Petriello and CTS Architecture.

The property is just a block from the New Jersey Performing Arts Center, and is within walking distance of the city's major commuter transportation hub, Penn Station, according to Kushner's Roger Steinhardt. Steinhardt is the director of commercial leasing for the firm. He expects the property to continue "to attract a mix of professional and retail tenants."