April 12, 2012
-- Several early 2012 lease transactions have retained long-term tenants and filled the last remaining office accommodations at The Berger Organization's Military Park Building, leaving only an upscale, street-level restaurant space available at the 250,000-square-
foot landmark tower. The milestone marks more than 70,000 square feet of leasing success since Berger acquired the property, located at 60 Park Place, in 2008.
The most recent transactions, all of which were negotiated by Brendan Berger, vice president of leasing, include:
- A 6,230-square-
foot, long-term lease renewal by Education Law Center, which serves as an advocate of education reform in New Jersey. The nearly 40-year-old non-profit organization has been a tenant at the Military Park Building for 10 years.
- A 4,315-square-
foot, long-term lease renewal by the New Jersey Institute for Social Justice. The research and advocacy organization, dedicated to the advancement of New Jersey's residents and urban areas, has maintained its headquarters at the Military Park Building since 2004.
- A 1,200-square-
foot expansion by Somerset Christian College, which now occupies more than 15,000 square feet at the Military Park Building. Last year, the private evangelical Christian college initially planned to open a satellite facility in Newark. Due to Hurricane Irene flooding at its main campus in Zarephath, N.J., the college relocated its full operation to 60 Park Place. The latest addition includes retail space that Somerset Christian will use for its recruitment office.
- A 900-square-foot lease for online commercial radio station WNJR-Newark.com. The start-up organization secured the space on a short-term basis at a flexible rate, reflecting Berger's commitment to support emerging Newark businesses.
The 85-year-old Military Park Building is located in the city's central business district, a location with unparalleled desirability that justified significant capital improvements and marketing investment, according to Berger. "We set out to establish the Military Park Building as a destination of choice in Newark's most desirable corporate neighborhood,"
he noted. "In four years, we have brought the property from 75 to 99 percent occupancy, a milestone confirming that we have achieved this goal."
Berger added that his company is eager to find the "right" operator for the building's 6,000-square-
foot restaurant. "We are working tirelessly to find the best fit for our beautifully designed dining space," he said. "Our target includes current restaurant operators who are interested in being part of this thriving neighborhood. In addition to serving the daytime population at 60 Park Place, our building sits next door to both PSEG's and Prudential's headquarters. After hours, it is ideally located to draw patrons of the New Jersey Performing Arts Center, Prudential Center and other local venues."
Tenants at the 21-story Military Park Building enjoy on-site tenant parking, ownership and management; an on-site fitness center, conference space and street-level retail services; and commanding views of the surrounding city, New York skyline and Military Park. The property offers easy access to Newark Liberty International Airport and major thoroughfares. It is within walking distance to the New Jersey Performing Arts Center and Penn Station, which provides 20-minute NJ Transit and PATH service to midtown and downtown Manhattan.