NEWARK-Saluti Law Group has leased 2,000 square feet of office space at 50 Park Place, more than twice the 850 square feet at its former location at the adjacent 60 Park Place, says The Berger Organization, which owns both buildings.
The two office facilities are part of the Robert Treat Center. Built in 1916 and completely renovated in 2001, the 15-story, 100,000-square-foot class A 50 Park is adjacent to the Berger-owned Best Western Robert Treat Hotel.
The new lease, at market rate, is for five years, says Brendan Berger, VP of The Berger Organization. Asking rents in the market range from $12 per sf to $33 per sf, according to LoopNet.
“The Newark market is picking up,” Berger tells GlobeSt.com. “Some of the activity is musical chairs, but we are getting an influx, from Panasonic to companies small and large alike.”
Berger has already re-leased Saluti’s former space at 60 Park Place, which is now nearly 100% occupied. 50 Park Place’s occupancy is in the low to middle 80s, he says.
In addition to 50 and 60 Park Place and the 176-room Best Western Robert Treat Hotel, The Berger Organization's Newark portfolio includes landmark office buildings at 10 Park Place and 570 Broad Street. Additionally, the Griffith and Hahne buildings at 605 and 609 Broad Street are both slated for mixed-use redevelopment.
"Our firm had been at 60 Park Place for two years, and the expansion was necessitated by the fact that our practice has grown substantially," says Gabriel Iannacone, practice administrator, Saluti Law Group, a 20-year-old boutique criminal and civil litigation firm, in a statement. "50 Park Place is a great building. We are very happy with The Berger Organization as a landlord, and we did not look anywhere else for our expansion."
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