Cushman & Wakefield Lands Key Assignment for Historic Newark Office Tower
Building owner Emerita USA has hired the brokerage firm to help roll out an action plan to improve efficiency and operation of the historic 592,000-square-foot brick and limestone office tower as part of its reintroduction and rebranding.
NEWARK, NJ—The owner of The National Newark Building has tapped Cushman & Wakefield’s New Jersey Asset Services team to help undertake what it says will be a “soup to nuts institutionalization” of property management practices at the Downtown Newark building.
Building owner Emerita USA has hired the brokerage firm to help roll out an action plan to improve efficiency and operation of the historic 592,000-square-foot brick and limestone office tower as part of its reintroduction and rebranding.
The 35-story building at 744 Broad St. is the tallest building in New Jersey’s largest city and occupies a full block on Broad Street, between Clinton and Commerce streets, and includes street level retail, a mezzanine with event space and 80-car parking lot. The tower floors offer views of downtown Newark and the New York City skyline.
Emerita has been investing in historic trophy assets and owns more than 2 million square feet across multiple asset classes including hotel, commercial and industrial space.
“We have a long-standing relationship with the Capital Markets team at Cushman & Wakefield and we are looking forward to the renewal of The National Newark Building. We bought this magnificent art deco building because we believe it stands apart from its competitive set in terms of its aesthetics and prime location. We believe that Newark is on the cusp of an economic revival and anticipate that our building will contribute positively to the growth and development of the city,” says Joseph Dabbah, VP of Emerita.
Cushman & Wakefield’s New Jersey Capital Markets team arranged the sale of 744 Broad Street to its current ownership in 2013.
The National Newark Building sits directly across from the world headquarters of The Prudential Insurance Company of America and is located one block from Gateway Center. The property is also within walking distance of the headquarters for PSE&G, Newark Penn Station, City Hall, State and Federal Courthouses, The Prudential Center and the New Jersey Performing Arts Center.
“Our investment sales group has maintained a strong relationship with this client, leading to the introduction and ultimate engagement of our group,” Nevins notes “We couldn’t be more pleased to come on board and help this energetic company improve the operation and marketability of this historic property.” In addition to helping structure a capital improvement campaign, Nevins’ team is developing a new security program and formalizing the property’s maintenance program, the brokerage firm states.
Cushman & Wakefield’s East Rutherford-based New Jersey Asset Services team currently provides property management services for approximately 20.7 million square feet of space in the Garden State.