The Berger Organization adds 58 Park Place to its portfolio
NEWARK, NJ — The Berger Organization added 58 Park Place to its Newark portfolio in a year-end
acquisition from PPSJ Corporation. The 30,000 s/f colonial-style office property, which served as the founding headquarters of Feist & Feist Realty Corp., sits next door to Berger’s Military Park Building at 60 Park Place.
Located directly opposite Military Park in the heart of downtown Newark, 58 Park Place is 50% occupied by headquarters operations for the Garden State Ballet and Tempo Networks, a pan-Caribbean media and entertainment company. Already, Habitat for Humanity, a Military Park Building tenant, is finalizing plans to relocate to the fourth floor of 58 Park. Berger will focus its marketing efforts for the first floor – a former supper club – on securing a new restaurant user.
"58 Park Place is a natural extension of our Newark portfolio, which is centered on Park Place and Broad St.," said Miles Berger, chairman and chief executive officer of The Berger Organization. "This neighborhood is our home, and we have watched it transform over the past several years. Projects like Prudential’s new headquarters tower and the remaking of Military Park have brought renewed energy to the local business community. Quite simply, this is a great place to be, and we are proud to expand our involvement here."