The Berger Organization, through 765 Broad Street Holdings, has acquired the title for 765 Broad Street in Newark from 765 Henry Associates. The 200,000-square-foot, seven-story office building is located in the heart of the city's central business district, expanding Berger's presence south along Newark's commercial corridor.
Distinguished by its white marble façade, 765 Broad was developed by Prudential. Its architecture matches the insurance giant's current world headquarters at the neighboring 751 Broad Street. The now multi-tenant property, anchored by Cablevision and home to a Wells Fargo regional office and bank branch, recently has been renovated with a beautifully appointed lobby, new elevators, updated common area and upgraded building systems. It offers 24/7 access and manned security.
According to Miles Berger, The Berger Organization's chairman and chief executive officer, significant vacancy at the property made it an attractive, value-add investment opportunity. "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 added that the property sits adjacent to 165 Halsey, the third-largest telecom carrier hotel in the Northeast. It also is within walking distance to Newark Penn Station, offering unparalleled convenience to Manhattan, as well as regional thoroughfares serving New Jersey, New York and the East Coast.
For The Berger Organization, which maintains a one million-square-foot Newark office portfolio concentrated to the north surrounding Military Park, the 765 Broad acquisition extends its foothold in the city. "This is a great area," Berger said. "The neighborhood 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."
The Berger Organization's growing Newark portfolio also includes the landmark office buildings at 10, 50, and 60 Park Place (the Fireman's Insurance Building, Robert Treat Center, and Military Park Building, respectively), and 570 Broad Street. Other properties in the city include the 176-room Best Western Robert Treat Hotel, and the Griffith building, which is slated for redevelopment