BERGER’S MILITARY PARK BUILDING REACHES 98.5 PERCENT OCCUPANCY
Milestone Follows Renovations, Aggressive Marketing at Newark Office Tower
NEWARK, N.J. – November 3, 2011 – (RealEstateRama) — A flurry of leasing and expansion activity has brought The Military Park Building to 98.5 percent occupancy this fall. The Berger Organization’s flagship Newark office property, the 250,000-square-foot, 85-year-old historic landmark is located in the city’s central business district at 60 Park Place.
Among the most recent transactions, all of which were negotiated by Brendan Berger, vice president of leasing, are:
· Somerset Christian College expanded its headquarters from 6,000 to 15,000 square feet at The Military Park Building. The private evangelical Christian college, owned and operated by Pillar of Fire International, 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.
· Krovatin Klingeman, LLC, a law firm specializing in civil litigation and white collar criminal defense, signed a long-term lease for 4,000 square feet and has relocated its main office from another Newark location. Bryn Cinque of Colliers International represented the tenant during negotiations.
· The Credit Pros Intl doubled the size of its multi-year commitment at The Military Park Building for a total of 1,600 square feet. The credit repair service company initially leased 800 square feet there in 2009.
· The US Army, a tenant at The Military Park Building for two decades, signed a multi-year expansion for its 60 Park Place recruiting office.
· Attorney Nathaniel Davis leased a Military Park Building suite for his headquarters, making a long-term commitment at the property and relocating from another Newark location.
Berger credits this success to an aggressive marketing campaign and recent capital improvements program. “We introduced a new tenant fitness center and conference space, and upgraded the lobby, core systems and elevators,” he said. “Additionally, the project established street-level retail that can be accessed from both outside and within the building – providing enhanced amenities for companies that locate here.
“We set out to enhance The Military Park Building’s first-class business environment to further establish the property as a destination of choice in Newark’s most desirable corporate neighborhood,” Berger added. “The recent leases and occupancy milestone testify that we have successfully achieved this goal.”
Tenants at the 21-story tower enjoy on-site tenant parking, ownership and management, as well as 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.
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Media Contact:
Evelyn Weiss Francisco: evelyn (at) caryl (dot) com, (201) 796-7788, www.twitter.com/carylcomm
