Heritage completes a Broad redevelopment effort.

Revitalization of the North Broad Street business district in Newark, N.J. took another step forward in May when Heritage Management Company completed a $5 million redevelopment of the 570 Broad Street office tower there. After sitting vacant for seven years, the 200,000 s/f property is being reintroduced to the market and already serves as home to two national tenants.

Heritage Management purchased 570 Broad St. in late 2003 and launched the renovation during the first quarter of 2004. The firm incorporated extensive aesthetic and mechanical enhancements at the 14-story structure, which includes first-floor retail space.

"Our goal for 570 Broad was to create one of the city's most modern and technically advanced properties," said Jeffrey Greenberg, a principal with Heritage Management. "Already, our efforts have attracted two national financial services firms--Atlantic Federal and Washington Mutual--and we continue to see active interest from additional class A office tenants looking to expand or establish operations in this reemerging market."

Utilizing the building's existing backbone, Heritage Management refaced the exterior with energy-efficient products, including an attractive "space-age" composite panel system and reflective window film. Designer El Taller Collaborativo PC created an updated entrance, featuring a grand marquis that leads to a striking lobby with bold colors, modern lighting and a classic chandelier.

The firm incorporated existing elements such as a terrazzo floor and black-and-white marble wall accents in the lobby design. A new terrazzo border and infill area featuring the building address served to update the flooring. In addition, aniline-dyed wood veneer panels in red, blue, green and yellow tones introduced color on the walls, existing columns and a new concierge desk.

"We kept the best elements and materials and brought in new finishes to modernize and brighten the entry," said Vincent Pucillo, director of interior design for El Taller Collaborativo. "The result is a completely new, modern experience."

Heritage Management also replaced or retrofitted virtually every internal system. This included bringing in a new 460-volt, three-phase electrical service; a new water service and pumping system; and a 650-ton centrical chiller with a 1,000-ton, state-of-the-art cooling tower. Heritage Management created a telecom switching room in the core of the building, and Verizon has provided diverse paths of new fiber and copper.

Heritage Management has built-out the ninth floor as model space for prospective tenants. New restrooms and corridors have been incorporated on the building's other levels. Individual suites starting at 1,000 s/f will be built to suit.

Tenants at 570 Broad Street enjoy proximity to the New Jersey Performing Arts Center, Newark Bears Stadium and abundant neighborhood dining and retail establishments. Heritage Management provides convenient blocks of designated parking and the building is located within walking distance of the Broad Street, Newark Penn and PATH rail stations.

In addition, the new light rail system, which will have a 570 Broad Street stop, will offer connecting service to Manhattan and all NJ Transit stations and is projected for late 2005 completion. The building also provides easy access to Newark Liberty International Airport and the region's major thoroughfares.

570 Broad Street is situated near Heritage Management's 550 Broad St. office property, where the firm completed an award-winning, multimillion dollar renovation in 2001.

"We recognize the potential of the Newark market, and we are proud to be part of its continued renaissance," said Greenberg. "550 Broad St. has become a true success story in the city's downtown commercial district. We have incorporated the same amenities and a unique ambiance at 570 Broad St. As such, the property is well-positioned to achieve strong progress and contribute positively to the neighborhood."