(Mark your Calendars: RealShare NEW YORK at the Marriott Marquis on October 12.)
NEWARK-Baldassare & Mara LLC has leased 2,360 square feet at 570 Broad Street in Newark, relocating from Chatham, says the Berger Organization. The law firm plans to take occupancy in March.
The deal is the first for the 15-story tower since Berger purchased a controlling interest in the building’s ownership, 570 Broad Street LLC, in March. “Newark is the perfect location for our firm because of the city’s proximity to federal court, the busiest county courts in the state, and mass transit to New York City,” says the firm’s managing partner, Jennifer Mara, Esq., in a statement. “We were quickly sold on 570 Broad given its location, its modern infrastructure, and The Berger Organization’s willingness to craft a lease that fit our needs.”
Located across from Washington Square Park, 570 Broad Street includes 200,000 square feet of office space and ground-floor retail. Other tenants include State Farm Insurance, Chase Manhattan Bank, Atlantic Federal Credit Union, PC Tech and LycaTech. Full floors of 15,000 square feet, divisible to 2,500 square feet, remain available. The asking rent, according to LoopNet, is $16 per square foot, compared with $19.75 for nearby properties.
The building was constructed in 1960, and originally served as IBM’s New Jersey headquarters. It has been renovated several times since. During the past 18 months, the building has been updated with the latest technology, including new state-of-the-art high-speed elevators, HVAC and security systems, and high-speed fiber optics. Berger Organization is in the midst of additional building infrastructure improvements, including parking, a conference room for use by tenants, and a fitness center.
“We are committed to enhancing 570 Broad Street’s appeal as a first-class business environment,” says Miles Berger, chairman and CEO, in a statement. “Baldassare & Mara, LLC’s commitment, and increasing, active interest from other prospective tenants, testifies that we are achieving that goal.”
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