Newark tower gets a big ego boost

Real Estate Weekly, June 1, 2005

Several of the current tenants at the landmark 60 Park Place office building in Newark, N.J. have extended their leases and expanded their space, announced Ira Bloom, director of commercial real estate for Kushner Properties, who negotiated the transactions.

The building's largest and oldest tenant, New Jersey Compensation Rating & Inspection Bureau, has signed a five-year renewal and increased its space to a total of 26,308 s/f. NJCRIB, which is under the supervision of the Commissioner of Insurance, handles issues relating to workers compensation and employers liability insurance.

"We have been in this building for many years and have seen substantial improvements in the facilities and service since Kushner Properties took over," said Fred Huber, associate director of NJCRIB. "That has influenced our decision to expand our offices and lease the last available contiguous space for potential future use."

Communications Workers of America Local 1081, which represents more than 600 non-managerial employees of the Essex County Division of Welfare, has signed a three-year renewal and increased its space by 820 s/f for a total of 1,575 s/f. Also renewing for three years is PoWervision Inc., a software firm, which occupies 1,268 s/f.

"Lease renewals and expansions represent the most gratifying type of leasing activity because they reflect tenant satisfaction," noted Bloom. "Sixty Park Place is one of Newark's most desirable commercial properties. The 21-story building is in a prime location, overlooking Military Park and within walking distance of the New Jersey Performing Arts Center and Penn Station."

Kushner Properties handles commercial leasing and management for the 232,239 sf office tower, which includes among the varied tenancy a number of additional law firms, not-for-profit organizations and consulting companies.

Sixty Park Place offers numerous amenities for its tenants. The stylish on-site Savoy Grill restaurant/lounge features moderately priced American regional fare, catering and live entertainment.

This popular dining establishment serves not only as a convenience for office workers, but also as a popular pre-theatre spot. The building, which has a 24-hour attended lobby, also houses an office services center and a bank branch.