IDT Swaps Global HQ

NEWARK-IDT Corp. will relocate its global headquarters to 550 Broad St. this spring. Heritage acquired the 300,000-square-foot landmark tower, located in Newark’s commercial district, in 2001. Ridgewood-based Heritage Management serves as executive operating partner and onsite manager for the building, while Grubb & Ellis serves as the property’s leasing agent.

550 Broad was honored with awards from the Building Owners and Managers Assoc. and the New Jersey Business and Industry Assoc. for renovations to its lobby, common corridors and exterior streetscape. The repositioning also led to the first-ever sale of a Newark asset to a German investor, when Dr. Peters Group, purchased 80% ownership in the building in 2005.

In its move to 550 Broad, IDT will vacate 520 Broad St., its headquarters since 2000. “Newark has experienced a remarkable renaissance, and IDT’s continued commitment here is a testament to the city’s and this neighborhood’s ongoing appeal,” says Steven Greenberg, a Heritage Management principal. “For eight years, 550 Broad St. has served as a symbol of Newark’s progress as a preferred New Jersey corporate destination, and that role continues today.”