33 Washington St. in Newark — Courtesy: HFF
(Editor’s note: This story has been updated with a quote from Miles Berger and additional information from the Berger Organization.)
By Joshua Burd
A Newark property owner has added a well-known office tower to its portfolio in the city, following a deal arranged by brokers with HFF.
The brokerage firm announced Wednesday that it represented LNR Property in the sale of 33 Washington St., a 450,000-square-foot, 18-story building in the city’s downtown. The buyer was the Berger Organization, which purchased the asset free and clear of existing debt.
Terms were not disclosed.
Completed in 1970, 33 Washington was previously occupied entirely by Horizon Blue Cross Blue Shield of New Jersey and now multiple tenants, including Audible and DHL, HFF said in a news release. The property features a fitness center, shared conference rooms, on-site parking, granite lobby and views of the Manhattan skyline.
The tower is located on 1.6 acres across the street from Newark’s Washington Park, two blocks to the Newark Broad Street commuter light rail station and half a mile to Newark Penn Station. It is also minutes from the vast highway network that runs through the city and the region.
The HFF investment sales team representing the seller was led by Senior Managing Director Jose Cruz, Managing Director Kevin O’Hearn and directors Stephen Simonelli and Michael Oliver.
“We were very pleased with the execution or 33 Washington and believe the buyer will benefit from the positive momentum underway in Newark and the current tenant demand for the property,” Cruz said in a prepared statement.
HFF had the exclusive assignment to market the tower on behalf of LNR Property, a subsidiary of Starwood Property Trust. The Berger Organization has been a property owner in the city for more than 40 years, with a portfolio that includes more than 2 million square feet of office space.
“We are excited to add this iconic building to our portfolio,” said Miles Berger, chairman and CEO of Berger Organization. “The demand for high-quality office space in the city continues to grow and 33 Washington’s excellent location and amenities make it a highly attractive address.”
Berger’s other office towers in the city include 570 Broad, Robert Treat Center and the Fireman’s Insurance Company Building. The company is also in the process of redeveloping the historic St. Francis Hotel building on East Park Street into a 102-room TRYP by Wyndham hotel, with an opening slated for September.