Sean Ryan is associate editor of Real Estate New Jersey
NEWARK-Three companies have renewed and/or expanded office space at the 232,239-sf 60 Park Place here, also known at the Military Park Building. The space totals just under 30,000 sf.
The New Jersey Compensation Rating & Inspection Bureau, the building's largest and oldest tenant, signed a five-year renewal and increased its space up to 26,308-sf. The firm added 1,310 sf. "We have been in this building for many years and have seen substantial improvements in the facilities and service," says Fred Huber, associate director of NJCRIB. "That has influenced our decision to expand our offices and lease the last available contiguous space for potential future use."
Communications Works of America Local 1081 signed a three-year renewal and doubled its space, adding 820 sf for a grand total of 1,575 sf. Powervision Inc. has also renewed its 1,268-sf space for three years.
Ira Bloom, director of commercial real estate for the Florham Park-based Kushner Properties, negotiated all three of the transactions for the 21-story tower. Approximately, 85,000 sf of space is left in the building, of which 45,000 sf is contiguous. The building is owned by Blackacre Newark Feeholder LLC.
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