560 Broad St. in Newark — Courtesy: Paramount Assets
By Joshua Burd
Paramount Assets has added to its Newark portfolio with the acquisition of more than 50,000 square feet of commercial space in the city’s University’s Heights section.
The firm on Friday announced its purchase of 560 Broad St., a 33,000-square-foot, four-story office building that was vacant at the time and a neighboring 18,000-square-foot space that previously housed the Broad Street Café and Little Theatre.
Terms of the deal were not disclosed.
The value-add and potential adaptive reuse opportunity follows Paramount’s other recent projects in Newark. The firm has completed the redevelopment of 2 Ferry St., a former bank building that now houses a Blink Fitness and a 7-Eleven, and is now restoring a historic property at 869 Broad St. into 37 luxury apartments known as William Flats.
“The accumulation of real estate in this downtown area is significant, and 560 Broad Street certainly is a valuable addition to our portfolio,” said Richard Dunn, senior vice president with Paramount. “Existing properties in urban locales with strong adaptive reuse potential are very attractive to us.
“In this case, having two contiguous spaces that can be combined into one larger block —measuring about 110 feet wide by 170 feet deep — was a key factor in our decision to purchase these two properties.”
Dunn touted the property’s location within the city’s central business district and within walking distance of the Broad Street station, along with easy access to interstates 78 and 280, the New Jersey Turnpike and Routes 1&9. The building is also near the Newark Museum, Newark Public Library, Prudential Center and the New Jersey Performing Arts Center, along with the Newark campuses of Seton Hall and Rutgers universities and the New Jersey Institute of Technology.
Dunn said his company is still determining the best use for the property.
“We’re in the strategic planning phase, conducting our due diligence and evaluating what’s possible — and feasible — in that location,” he said. “It’s exciting because we have two great structures to work with and, ultimately, a lot of possibilities ranging from historic preservation to converting the property into a mixed-use midrise tower.
“This downtown area is the economic engine of the city; it’s where people want to be. The goal in transforming this property is to bring more life and more people to this area which has long-term, sustainable benefits for Newark.”