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G&W Will Buy Broad St. Landmark from IPA

NEWARK - The 14-story, 175,000-sf tower, which has been empty since First Fidelity Bank left the premises more than four years ago, will be renovated and re-leased by the new owner.

By Eric Peterson | Updated on November 01, 2001

NEWARK – Gale & Wentworth, the Florham Park, NJ-based real estate company that already owns half of this city’s signature Gateway Center office complex, is about to up its investment in the future of New Jersey’s largest city. The company has just inked a deal to buy 570 Broad St., a 14-story, 175,000-sf landmark in this city’s CBD. The sale is expected to close by the end of the year.

The seller is Investment Properties Association, a group that at one time listed Leona Helmsley and the late Harry Helmsley among its partners. New York City-based Helmsley-Spear brokered the transaction on behalf of the seller, culminating year-long negotiations with the buyer.

570 Broad St. was most recently used as a regional headquarters by First Fidelity Bank, which moved out in 1997 after its merger with First Union Bank made the space redundant. IPA, which opted to sell the building rather than re-lease it and retain ownership, is known to have turned down several offers over the years because they didn’t match its firm asking price of $13 million.

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