Kushner leases Newark site to IDT.

International Discount Telecommunications Corp. (IDT), a rapidly growing telecommunications firm, has signed a long-term lease and begun its move from five Hackensack locations to the former Mutual Benefit Life Insurance Company headquarters building at 520 Broad Street in Newark, NJ, announced Richard Stadtmauer, a managing director of Kushner Companies.

One of New Jersey's leading diversified real estate organizations, Kushner purchased the 484,000 square-foot building and the adjacent 850-car garage last summer, attracted by its quality and location. The property is in close proximity to the new minor league sports complex and the acclaimed New Jersey Performing Arts Center, and across from Washington Park, which borders the world-class Newark Museum.

"The building generated tremendous interest, and it is highly gratifying to see it reach 100 percent occupancy in just six months," Stadtmauer said. "IDT will be one of the area's largest employers, and its presence in Newark will further contribute to the city's continued renaissance. It's great to know that we are a part of that revival."

IDT is a leading emerging multi-national carrier that combines its position as an international telecommunications operator with its experience as an Internet service provider, offering a broad range of telecommunications services to its wholesale and retail customers worldwide. Through its own national telecommunications backbone and fiber optic network infrastructure, IDT provides its customers with integrated and competitively priced international and domestic long distance telephony, prepaid calling cards, Internet access and digital subscriber line (DSL) service.

During the past five years, the company has grown from a staff of 50 to more than 1,300, and each month hires approximately 50 additional professionals. Its tremendous growth has mirrored the explosive growth in the international telecommunications and Internet industries, according to Howard Jonas, chairman and CEO of IDT.

"The move to the City of Newark is much more than just a change of address for IDT and an opportunity to expand the business side of our telecommunications services. Rather, it's an affirmation of our fundamental corporate philosophy to provide quality, low cost communications to everyone," said Jonas.

"In a global business and telecommunications marketplace, Newark puts us at the world's doorstep," added Jim Courter, IDT president and vice chairman. "This location is very convenient to Newark International Airport, major highways and public transportation, making us accessible to a large, highly-skilled and multi-cultural workforce. And we're relocating to a first class facility within what is fast becoming a high-tech and telecommunications hub for just a fraction of what the rent would be in New York City."

The property at 520 Broad Street features a variety of corporate conveniences in addition to the existing parking garage. These include a full-floor dining room with private dining facilities; a gym, locker rooms and a squash court; and 18,000 square feet of conference facilities with complete audiovisual capabilities. The facility also has a computer data center with raised floors, a mezzanine library with floor-to-ceiling shelving, a full-service printing and reproduction center, and a rear loading dock.

Under the terms of the agreement, IDT will have a 20-year lease with three additional 10-year options. "This building gives us the best of all worlds," Jonas said. "With 20 floors, we can use what we need and sublet the remaining space. And as we expand, we can occupy more space as needed."

Kushner Companies currently owns and manages more than 15,000 apartment units in New Jersey, New York, Pennsylvania and Florida. In addition, Kushner Companies has affiliated businesses involved in insurance, brokerage and financial services.