Berger Acquires 570 Broad St. in Newark

NEWARK, NJ–The Berger Organization has purchased a controlling interest in 570 Broad Street LLC, a partnership, and will manage and operate the 200,000-sf office building of the same name. The 15-story tower also offers ground-floor retail space.

"This building is a Newark landmark, and we are pleased to add this property to our growing portfolio in the City of Newark," says Miles Berger, chairman and CEO of the Newark-based Berger Organization. "Our plans are to reposition the building, re-establishing it as a class A asset.”

Originally constructed in 1960 by Helmsley-Spear, 570 Broad St. initially served as the New Jersey headquarters for IBM and later as a regional office for First National State Bank. After subsequent ownership changes, the building sat vacant for several years before undergoing upgrades in 2004 and 2006 by a previous owner.

The building was updated over the past year with new high-speed elevators and fiber optics, HVAC and security systems. Additional renovations call for a parking element, conference room for tenants and a fitness center. Existing tenants include State Farm Insurance, Chase Manhattan, Atlantic Federal Credit Union, PC Tech, and LycaTech.

Located across from Newark's Washington Square Park, 570 Broad is a short distance from transit hubs Newark Penn Station and Broad Street Station. Also nearby are the Newark campuses of Seton Hall and Rutgers universities and the New Jersey Institute of Technology, as well as the New Jersey Performing Arts Center and the Prudential Center. 

The Berger Organization's Newark portfolio includes 10, 50, and 60 Park Pl., the Best Western Robert Treat Hotel and the Griffith and Hahne buildings at 605 and 609 Broad Str., both slated for mixed-use redevelopment.