DIVERSIFIED CAPITAL ADDS NEW AMENITIES TO MULTI-MILLION-DOLLAR RENOVATION OF 24 COMMERCE STREET
Tenants of Historic Former Federal Trust Bank Building to Benefit from Numerous Upgrades, Including Enhanced Lobby and New Fitness Center
NEWARK, N.J. – December 15, 2011 – (RealEstateRama) — Diversified Capital has added a broad suite of new tenant amenities being implemented at 24 Commerce Street, the former Federal Trust Bank building in downtown Newark. These new amenities, along with the $5 million building renovations, are part of the company’s overall investment in the historic office structure, which rises 18 stories and encompasses a total of 180,000 square feet.
The handsome landmark building, which has been extensively renovated, will now provide enhanced conveniences to its roster of professional and corporate tenants. The refurbished Art Deco lobby will be entirely ADA-accessible, with 24/7 access, a manned guest reception and a new, state-of-the-art electronic directory. Tenants will benefit from the in-lobby FedEx drop-off site and a take-out café providing freshly prepared hot and cold meals for breakfast and lunch. A shared conference suite will offer two multi-purpose meeting rooms, each accommodating up to 20 people, with video conferencing capabilities and a pantry equipped to handle catering. A new fitness center will contain a well-designed gym, as well as male and female locker rooms with showers.
“As long-term members of the Newark business community, we are investing in 24 Commerce Street in order to make it the city’s premier professional address,” said Joseph Rosenbaum, president of Diversified Capital. “In this challenging economy, many real estate companies are floundering, but our tenants can be confident in our stability and strength, and our long-term commitment to this world-class building.”
The exterior of 24 Commerce Street has undergone major improvements, with extensive re-facing and impressive new signage restoring the building to its earlier grandeur. Located one block from Newark Penn Station and the PATH, 24 Commerce Street is also convenient to NJPAC, the Prudential Center and Gateway Center, as well as to shops, restaurants, hotels and parking facilities. With panoramic views of the Newark skyline, the building is only 20 minutes from New York City and four miles from Newark Liberty International Airport.
Diversified Capital owns and manages a comprehensive portfolio of commercial properties in New Jersey, Pennsylvania, Virginia, Connecticut and Texas. Founded in 1999, the firm specializes in acquiring and turning around properties, repositioning these acquisitions as stabilized, income-producing assets within its long-term portfolio.
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About Diversified Capital, Inc.
Media Contact:
Christine Ziomek / chris (at) caryl (dot) com / (201) 796-7788
