Newmark gets Broad St. exclusive in Newark, NJ.The 543,000 square-foot landmark tower office building at 744 Broad Street in Newark, NJ is now on the market for sale, and Newmark & Company Real Estate has been named exclusive broker. The announcement was made by Peter L. Malkin, a General Partner in the ownership, and James Kuhn, president of Newmark & Company Real Estate. The classic office building is one of the tallest office towers in New Jersey and for decades was acknowledged to be the single most prestigious Newark address. It is across the street from the world headquarters of Prudential Insurance Company, occupying the blockfront on Broad Street between Clinton Street and Commerce Street in downtown Newark Downtown Newark is Newark, New Jersey's major central business and cultural district. It is located at a bend in the Passaic River. Interstate 280 was built just north of Downtown. Downtown is the site of the original Puritan settlement of Newark. . It is optimally situated just one block from the enclosed mall to Penn Station and the PATH, with regular service to Midtown and Downtown Manhattan in 12-15 minutes travel time. It is within close proximity of all major metropolitan transportation hubs, including highway, New Jersey Transit The New Jersey Transit Corporation (NJ Transit) is a statewide public transportation system serving the state of New Jersey, and Orange and Rockland counties in New York. It operates bus, light rail, and commuter rail services throughout the state, notably connecting to major bus and train, Amtrak Amtrak, the National Railroad Passenger Corp., authorized to operate virtually all intercity passenger railroad routes in the United States. Amtrak was created by Congress in 1970 in response to more than two decades of continuous operating deficits by privately run , the PATH, and Newark International Airport. In addition to being across from the world headquarters of Prudential Insurance Company, the tower is one block from the Gateway Center and within easy walking distance of PSE&G headquarters, City Hall and the State and Federal Courthouses. The office tower also offers a parking lot with 43 spaces. The sales team for the property includes: James Kuhn, Seena Stein, president, of Newmark Partners, New Jersey; David Noonan, director of Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and Sales, Newmark & Company Real Estate Inc., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ; and W. Joshua Levering Joshua Levering (1845-????) was a prominent Baptist leader . He was president of the trustees of The Southern Baptist Theological Seminary in Louisville, Kentucky, vice-president of the Southern Baptist Convention, co-founder of the American Baptist Educational Society, and , senior managing director, Newmark Partners, Inc. "The 744 Broad Street facility provides an exceptional turnaround opportunity. The property has not realized its economic potential in recent years due to a lack of capital investment by a net lessee, whose lease was about to expire. New office buildings in Newark average more than 95 percent occupancy; nearby properties comparable to 744 Broad Street average 67 percent occupancy, double the building's current 33 percent rate," said Kuhn. "An aggressive, hands-on investor Hands-On Investor An investor who holds a large portion of a company's shares and takes an active management role. Notes: The majority shareholders are usually hands-on investors and have the a great influence on the company's management decisions. can build on the positive net income now in place, and through value-added leasing and management, return the property to high occupancy, obtaining a high return on investment." The building itself provides base floors with large floor plates of 29,000 square feet, with high floor loads, and fiber optic links. A law library and conference room on the eighth floor are available to tenants at no additional cost. The tower has ten retail stores, including a newsstand, convenience store, and copy shop in the lobby. The thirteenth floor The levels of a multi-story building are numbered sequentially, from "one" or "ground" upwards. In some countries, the number 13 is considered unlucky and building owners will sometimes purposely omit the thirteenth floor. has a dining facility with a full kitchen, which is not currently in use. |
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