Newark building enjoys a renaissance with 32,550 s/f in new leases.

Four new tenants have signed long-term commitments totaling 32,550 s/f this fall at 570 Broad St. in Newark, N.J., announced Jeffrey Greenberg and Steven Greenberg, principals of Heritage Management Company, the building's owner.

This flurry of activity comes just months after Heritage Management reintroduced the 200,000 s/f office tower to the market and signals the early success of the building's multi-million-dollar redevelopment. In addition, each of the leases represents a relocation from outside of Newark, reflecting a growing momentum within the city's downtown business district.

DiversityInc, the organization that publishes DiversityInc magainze and DiversityInc.com, leased 18,400 s/f. and will relocate its headquarters to the property from New Brunswick, N.J. Jeff Kolodkin, of Grubb & Ellis, brokered the transaction on behalf of the tenant.

Urbitran Corporation leased 7,500 s/f and will relocate its New Jersey operation to the building from Montville. Heritage orchestrated the transaction. The Manhattan-based company provides comprehensive engineering, architectural and planning services to private and public-sector clients.

PC Tech leased 3,500 s/f and will relocate there from Jersey City, N.J. Heritage negotiated the transaction. PC Tech offers training in information technology, healthcare and office administration.

The Lycatel Group leased 3,150 s/ f at 570 Broad St. and relocated its North American office from Jersey City. Charles Laginestra represented Heritage in the negoations negotiations, and Mark Mattesky, of CBRE, represented Lycatel. The UK-based company is the fastest-growing pan-European prepaid telecom organization.

These tenants join Washington Mutual and Atlantic Federal Credit Union, both of whom pre-leased space while the renovation project at the building was still underway. Previously, the 570 Broad St. sat vacant for seven years.

"All of these companies are part of an exciting time for our building and for the City of Newark," Greenberg said. "Their commitment here shows that the market has accepted 570 Broad St. as one of Newark's best new business addresses--in terms of location, quality and value."

570 Broad St. 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 St. stop, will offer connecting service to Manhattan and all NJ Transit stations and is projected for late 2005 completion.