X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEWARK, NJ-The Berger Organization, based here and in New York City, has acquired the Kushner Cos.’ ownership share of 60 Park Place, the landmark 21-story, 250,000-sf office tower also known as the Military Park Building. Until now, Berger had a 15% share in the asset. Terms of the deal were not released.

Kushner, which continues to exit its New Jersey holdings, headed a partnership called Blackacre Newark Feeholder LLC that acquired the building in 2000, and completed a $5-million renovation a year later. With its acquisition of Kushner’s share, Berger will spend another $5 million in upgrades to the lobby, building core and elevators. The new owner also plans to re-open the building’s street-level restaurant space.

“Our goal is to further elevate its physical environment and amenities to meet the sophisticated requirements of today’s tenants,” says Miles Berger, chairman and CEO. “This building has traditionally attracted tenants from within the city, although we have seen a notable increase in the number of relocations from outside.”

Completed in 1925, 60 Park Place is currently 75% occupied by a mix of law firms, government agencies and service organizations. Its largest tenant, the Worker’s Compensation Rating & Inspection Bureau, has been located there for more than 40 years. Current contiguous availabilities ranging from 1,000 to 30,000 sf are listing with an asking price of $21.50 per sf.

The Berger Organization is no stranger to Newark – the company owns and manages 10 Park Place–the former Fireman’s Insurance Building–and 50 Park Place, an office/hotel complex where it has its local offices. “The purchase of 60 Park Place was a natural acquisition, since we’re very familiar with and maintain an active presence in the neighborhood,” Berger says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.