NEWARK, NJ-The Berger Organization has acquired the title for 765 Broad Street in the heart of downtown Newark, expanding its presence in the central business district.
The 200,000-square-foot, seven-story office building was originally built by Prudential, which currently has its world headquarters next door at 751 Broad Street in a building with similar architecture and white marble facade. Berger bought the 765 building – now multi-tenanted - from 765 Henry Associates.
The building lobby is newly renovated, said Miles Berger of The Berger Organization, and it has new elevators, updated common areas and upgraded building systems. Offering 24/7 access, it has full-time security personnel.
According to Berger, significant vacancy at the property made it an attractive, value-add investment opportunity for his company. “765 Broad has sweeping, 30,000-square-foot floor plates, and we will target full-floor users looking for elegant, build-to-suit accommodations,” he said. “This building is a great value play for companies with larger requirements. Our repositioning effort will bring it back to the original stature Prudential established here.”
Berger, who is chairman and CEO of the company that bears his name, noted that the property has built-in advantages, because it is:
- adjacent to 165 Halsey, the third-largest telecom carrier hotel in the Northeast,
- a short walk Newark Penn Station, offering direct service to Manhattan, and
- convenient to regional thoroughfares serving New Jersey, New York and the East Coast.
“This is a great area,” he said of the Broad Sreet neighborhood. “It includes both the Prudential headquarters and 744 Broad Street –one of Newark's premier office towers. 765 Broad is a logical, strategic extension for us, as we continue to expand our local presence and commitment."
Berger already holds a million-square-foot Newark office portfolio situated north of 765 Broad Street, surrounding Military Park. Its buildings include:
- 10, 50, and 60 Park Place (the Fireman's Insurance Building, Robert Treat Center, and Military Park Building).
- 570 Broad Street.
- the Best Western Robert Treat Hotel
- the Griffith building, which is slated for redevelopment.
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