Lerner said vacancy rates are dipping, but this is termporary. She pointed to the large blocks of space at The Gateway Center that are coming online this year as Prudential moves toward completion of its new headquarters here.

The Original Story Appears Below

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When The Berger Organization acquired control of the 54-year-old office building at 570 Broad Street in 2011, the 15-story tower was mostly vacant.

Three long-term leases totaling 53,000 square feet signed over the winter have brought occupancy to a milestone level: 85%.

"As operating partner for 570 Broad, our plan from the outset was to reposition the building in the Newark office market, re-establishing it as a first-class, Class A building,” said Brendan Berger, president of the company. “These latest commitments, and the overall vast improvement in the property's occupancy show that we are succeeding.”

One of the real estate executives who ceaselessly beat the drum for a city whose property they see as historically undervalued, Berger added that the Broad Street location is “in the heart of Newark, which once again is emerging as one of New Jersey's best places to do business.”

Berger said. “The city continues to attract companies that are looking to tap into its progress and potential as a 24/7 urban hub.”

The recent leases signed at the 200,000-square-foot building – which was only 20% leased in 2011, include:

• Programs for Parents, taking 22,000 square feet in a relocation move from within Newark. The not-for-profit organization supports children, families and child care providers in Essex County.

• McElroy, Deutsch, Mulvaney & Carpenter, 19,000 square feet. The law firm has 41 attorneys at its Newark office and is also relocating from elsewhere in Newark. Peter Blanchard and Lee Barnes of The Garibaldi Group represented the tenant.

• Health Republic Insurance of New Jersey, 12,000 square feet. The non-profit consumer-operated insurance company created under the Affordable Care Act will open its headquarters this spring. Harlan Hollander of Cushman & Wakefield served as tenant broker.

Originally constructed in 1960 by Helmsley-Spear, 570 Broad initially served as IBM's state headquarters, and later as a regional office for First National State Bank. After several ownership changes, the building sat vacant for several years before renovations in 2004 and 2006.

Other tenants at 570 Broad include State Farm Insurance, Chase Manhattan Bank, Baldassare & Mara, Reliable Health Solutions, PC Tech and Lycatel. Berger continues to market availabile spaces ranging from 2,500 square feet and up.

Since taking control, Berger has upgraded the building's technology capabilities, and installed new state-of-the-art high-speed elevators, HVAC and security systems, and high-speed fiber-optics. Additional improvements are under way. Future plans are to add parking, a conference room, and a fitness center.

The building is across the street from Washington Square Park, close to both Newark Penn Station and Broad Street Station and within walking distance of the Newark campuses of Seton Hall and Rutgers universities, and the New Jersey Institute of Technology.