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Deals & Dealmakers

Berger closes acquisition of former Blue Cross offices

Berger Organization, a real estate company based in Newark, NJ, has closed on its acquisition of 33 Washington Street, a 450,000 s/f, 18-story office tower located in downtown Newark.

Photo via Ten-X
Photo via Ten-X

The property was built for Horizon Blue Cross/Blue Shield and is now multi-tenanted by leading companies.

The property was marketed by Holliday Fenoglio Fowler, LP (HFF) on behalf of the seller, LNR Property, a subsidiary of Starwood Property Trust. Located on 1.6 acres across the street from Washington Park, at the northern end of the city’s central business district, the building is in the James Street Commons Historic District, which is on the National Register of Historic Places.

It is surrounded by landmarks such as the Newark Museum, John Ballantine House and Newark Public Library, and is two blocks from the Newark Broad Street commuter light rail and a half a mile from Newark Penn Station.

“We are excited to add this iconic building to our portfolio,” said Miles Berger, chairman and CEO of Berger Organization.

“The demand for high-quality office space in the city continues to grow and 33 Washington’s excellent location and amenities make it a highly attractive address.”

The tower, which was completed in 1970, features a fitness center, shared conference rooms, on-site parking, and impressive granite lobby and views of the Manhattan skyline. Berger Organization, which owns and operates the Robert Treat Hotel & Conference Center in Newark, is also in the the process of redeveloping the historic St. Francis Hotel into a 102-room TRYP by Wyndham hotel.

The 1930s-era property, which operated for 50 years as the Carlton Hotel, is anticipated to open in September 2017 as one of the first TRYP properties in the US, a select-service urban hotel brand popular in Europe.

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