Cushman & Wakefield’s New Jersey Asset Services team has been tapped for a soup-to-nuts institutionalization of property management practices at The National Newark Building, also known as 744 Broad Street. Totaling 592,000 square feet, 744 Broad Street is the tallest building in New Jersey’s largest city. It occupies a full block on Broad Street, between Clinton and Commerce streets, and includes street level retail, a mezzanine with event space and 80-car parking lot. The tower floors offer views of downtown Newark and the New York City skyline.
The team, headed by Managing Director Michael Nevins along with the current ownership, Emerita USA, is rolling out a full action plan to improve efficiency and operation of this historic office tower as part of its reintroduction and rebranding.
Emerita has been investing in historic trophy assets and owns over two million square feet across multiple asset classes including hotel, commercial and industrial space. “We have a long-standing relationship with the Capital Markets team at Cushman & Wakefield and we are looking forward to the renewal of The National Newark Building. We bought this magnificent art deco building because we believe it stands apart from its competitive set in terms of its aesthetics and prime location. We believe that Newark is on the cusp of an economic revival and anticipate that our building will contribute positively to the growth and development of the city,” said Joseph Dabbah, Vice President of Emerita.
Cushman & Wakefield’s New Jersey Capital Markets team arranged the sale of 744 Broad Street to its current ownership in 2013. “Our investment sales group has maintained a strong relationship with this client, leading to the introduction and ultimate engagement of our group,” Nevins explained. “We couldn’t be more pleased to come on board and help this energetic company improve the operation and marketability of this historic property.” In addition to helping structure a capital improvement campaign, Nevins’ team is developing a new security program and formalizing the property’s maintenance program.
The National Newark Building sits directly across from the world headquarters of The Prudential Insurance Company of America. It is one block from Gateway Center, and within easy walking distance of the headquarters for PSE&G, Newark Penn Station, City Hall, State and Federal Courthouses, The Prudential Center and the New Jersey Performing Arts Center. 744 Broad Street is in an area with superior access via mass transit, with a 15-minute train ride to downtown or midtown Manhattan and a 12-minute ride to Newark International Airport.
Cushman & Wakefield’s East Rutherford-based New Jersey Asset Services team currently provides property management services for approximately 20.7 million square feet of space in the Garden State. Focused on enhancing asset value, the firm’s professionals are empowered to minimize operating costs, improve efficiencies, and enhance customer service in order to protect the value of each investment.
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