Newark's business district gets small financial boost

Real Estate Weekly, March 23, 2005

Two leading financial institutions have leased approximately 8,400 s/f at 570 Broad St. in Newark, N.J., announced Jeffrey Greenberg, principal of Heritage Management Company, the property's owner and manager. Washington Mutual, Inc. and Atlantic Federal Credit Union have taken ground floor space in the building. Heritage is currently nearing completion of a comprehensive $5 million renovation at the property.

Washington Mutual has leased 6,400 s/f in a highly visible corner of the landmark building, where Broad Street intersects Fulton.

The bank is planning to open a retail branch, its second in the city of Newark, and a home loan center this year.

"We are pleased to have a national retailer of Washington Mutual's stature and reputation as an anchor for the building," said Greenberg. "Its commitment is an indication of the neighborhood's turnaround and the resurgence of this city."

Atlantic Federal Credit Union, headquartered in Kenilworth, N.J., leased nearly 2,000 s/f. The company relocated from One Gateway to 570 Broad St. last fall, with a full new build-out by Heritage Management that provided Atlantic FCU with an entrance on Fulton Street, as well as access from the lobby. It is one of seven local branches operated by Atlantic FCU.

570 Broad St. is situated in the heart of Newark's central business district, near Penn Station, NJPAC and the Newark Bears' Stadium. It is just minutes away from Newark Liberty International Airport, with easy access to the New Jersey Turnpike, Garden State Parkway, Interstate 78, Routes 1 and 9, 21 and 22, as well as bus and train lines to and from Hoboken, Princeton, Trenton and New York City.

Shortly after acquiring the 212,500 s/f office property in 2003, Heritage launched a major renovation of 570 Broad St. that included a dramatic facelift of the building's exterior. The improvements, scheduled for completion this spring, will introduce new computerized elevators, a striking entrance lobby, elevator lobbies on all floors, restrooms and enhanced operating systems, plus the latest communications wiring.