The National Newark Building at 744 Broad St. in Newark — Courtesy: Cushman & Wakefield
By Joshua Burd
Seeking to rebrand and reposition a well-known office tower in Newark, a landlord has tapped Cushman & Wakefield as its property manager at the 592,000-square-foot building.
The real estate services firm announced that it will work on behalf of the owner, Emerita USA, to improve efficiency and operation at 744 Broad St. Also known as known as The National Newark Building, the property is the city’s tallest structure and is now set to undergo what C&W described as “a soup-to-nuts institutionalization of property management practices.”
C&W Managing Director Michael Nevins will lead the asset services team overseeing the effort.
“We have a longstanding relationship with the capital markets team at Cushman & Wakefield and we are looking forward to the renewal of The National Newark Building,” said Joseph Dabbah, vice president of Emerita. “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.”
Located between Clinton and Commerce streets, 744 Broad St. occupies a full block on Broad Street and includes street-level retail, a mezzanine with event space and an 80-car parking lot, C&W said. The building also has views of downtown Newark and the New York City skyline on its upper floors.
C&W’s New Jersey capital markets team arranged the sale of the tower to Emerita in 2013.
“Our investment sales group has maintained a strong relationship with this client, leading to the introduction and ultimate engagement of our group,” Nevins said. “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, according to a news release. C&W and ownership hope to capitalize on the building’s location in the heart of downtown Newark and a short walk from Newark Penn Station.