50 Park Place in Newark
By Joshua Burd
Upgrades to Newark’s Military Park and a growing demand for downtown office space have helped push three city office buildings to full occupancy, according to the owner of the properties.
The owner, Berger Organization, said Friday that the buildings at the Military Park Building, the Robert Treat Center and 58 Park Place were all 100 percent leased. They house a range of tenants, from entertainment companies and nonprofits to professional services firms and public agencies.
All three buildings are located across from Military Park in the city’s central business district, which underwent extensive renovations in 2014 similar to those of Bryant Park in Midtown Manhattan. It now has a carousel, restaurant, ping pong tables and free Wi-Fi, along with updated landscaping.
“The park has become an attraction, drawing more people to the area and providing an attractive spot for office workers to take a break or meet after work, further fueling office space demand in the neighborhood,” said Miles Berger, CEO of the Berger Organization. “Since the park reopened in 2014, rents on our office spaces have risen three to five dollars a square foot and room rates at the Robert Treat Hotel have gone up more than 35 percent.”
The buildings are also opposite the two-year-old, 20-story Prudential Financial office tower, along with the rehabilitated Hahne & Co. building featuring new apartments and a Whole Foods Market. Berger also pointed to how the improvements have impacted the Robert Treat Hotel, which is adjacent to the Robert Treat Center and also owned and operated by the longtime Newark landlord.
Tenants at 58 Park Place include the Greater Newark Convention and Visitors Bureau, Gadget Software and Tempo Networks. Robert Treat Center, located at 50 Park Place, is home to 15 law firms, two shipping companies that do business in Port Newark-Elizabeth and several nonprofit organizations.
“Of special note is that this is the first time the Military Park Building at 60 Park Place is fully occupied since our company fully acquired it 10 years ago, which speaks to the continually growing demand for Class A office space in Newark, especially near this beautiful park,” Berger said.
The building houses several nonprofits and associations that serve the region’s residents and business community, including the United Negro College Fund, New Jersey Institute for Social Justice, the New Jersey Symphony Orchestra and the United Way of Essex & West Hudson.
“We have long believed that the City of Newark would once again shine as a major commercial hub,” Berger said. “The surge in occupancy in our buildings is just one sign that redeveloping the city’s commercial properties attracts quality tenants who appreciate being in a revitalized urban center.”
