X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEWARK-Diversified Capital Inc., owners of 24 Commerce St., have entered into an agreement with Lane Capital Partners in which Lane will provide long-term financing to complete the renovation of the landmark building here. Lane also took a minority interest in the 180,000-square-foot, 18-story skyscraper. Diversified Capital declined to reveal the amount of the investment. Requests made to Lane were not returned by deadline.

The building is currently undergoing a multi-million renovation, which is nearing completion. “We are now able to take this building to the next stage in its rebirth,” says Diversified Capital president Joe Rosenbaum, in a statement. “This agreement with Lane will allow us to complete our capital improvement program to upgrade the asset. This ensures that existing tenants will benefit from having a steady landlord committed to the long-term and success of the property. It also provides an excellent setting for new tenants seeking space in a secure, tenant-centric environment.”

According to a spokesperson for Diversified Capital, 60,000 square feet in the building is currently up for lease, with large blocks of contiguous space available. Overlooking Military Park, the building originally housed Federal Trust Bank and currently has multiple tenants including the Pediatric Dental Group and Newark Funding. On site is Café 24, and several additional restaurants are planned. Beth Krinsky, SVP, and Pat Masi, VP, of Weichert Commercial Brokerage. Inc in Edison are the leasing agents for the building.

Founded by Rosenbaum in 1999, Diversified Capital specializes in turning around distressed assets through renovation and management. Lane works with owners of commercial assets.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.