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NEWARK-Some said it was a gamble when Tremont Capital Corp. bought the landmark but under-performing 550 Broad St. two years ago. But a complete overhaul of the 282,500-sf building and its operating systems has turned it into a hot property in an increasingly hot market. The refinished product was recently unveiled to the business community.

SBLI USA Mutual Life’s new lease for 31,500 sf is the latest deal as the property nears 100% occupancy. Alexander Summer, Paramus, NJ, is the building’s leasing and management agent.

SBLI’s lease is an expansion from its home base across the Hudson River in NYC. According to company VP and chief of staff Michael Lane, “New Jersey represents a tremendous growth opportunity for us, and Newark is clearly the place to start.”

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