60 Park Place is currently 83% leased to such tenants asEE&C Health and Financial Services, Hunt Hamlin & Ridley,Hudson City Savings Bank, NIPPY and GTG Printing. It also has10,000 sf of ground floor retail space, including the venerableArthur's Downtown restaurant.

"Our standing philosophy is to work with the optimal operator ina given market," according to Backacre president Jeff Citrin. Hissix-year-old company specializes in buying and repositioningundervalued and otherwise overlooked real estate assets. Prior tothe latest agreement, Blackacre had renovated the building's commonarea facilities.

"The property's location is ideal," says Kushner managingdirector Richard Stadtmauer. He points out that it's a block fromthe NJ Performing Arts Center, adjacent to the Robert Treat Hoteland overlooks Military Park. Nearby corporate HQ operations includePSE&G, Prudential and Horizon.