New Businesses Flock to Newark in 2015
Business are finding that Newark can fulfill all of their site selection criteria. An outstanding location, talented labor pool, proximity to public transportation, Newark Liberty International Airport and the Port Newark–Elizabeth Marine Terminal are some of the amenities helping to draw tenants into the city.
Among Newark’s newcomers last year was The International Organization of Masters, Mates and Pilots, which located to 570 Broad in Newark. 570 Broad is a 200,000-square-foot 15-story office building situated across from Newark’s Washington Square Park and within minutes of routes 21, 1 & 9 and 22; I-280 and I-78; the New Jersey Turnpike; and the Garden State Parkway. Both Newark’s Penn and Broad Street Stations are within walking distance, as are the New Jersey Performing Arts Center, Newark Museum, Newark Public Library, Riverfront Stadium and the Prudential Center.
Newark is Home to a Diverse Mix of Tenants
Newark has become a destination of choice for a wide range of users – from startup companies drawn to the city’s competitive rental rates and high-tech infrastructure, to community-building groups serving urban population centers, to logistics organizations leveraging proximity to the port and the region’s excellent transportation infrastructure.
The demand for office space in Newark is evident at Robert Treat Center where three new leases and a tenant expansion were announced in 2015. Also known as 50 Park Place, the 100,000-square-foot office building is located in the heart of the central business district. Built in 1916, the 15-story tower sits adjacent to the 176-room Best Western Robert Treat Hotel.
New tenants at Robert Treat Center were GroundForce Logistics, a freight transportation brokerage firm; After School All Stars and Litegation, LLC, a start-up litigation support company; an existing tenant, Worldwide Express, a shipping management firm, expanded at the property.
Landmark Military Park Building in the CBD
Taking its name from the nearby park, the landmark Military Park Builidng sits at 60 Park Place. The 250,000-square-foot office tower offers tenants a long list of on-site amenities and services including a 2,000-square-foot fitness center, conference facilities, and on-site ownership and management. In 2015, a series of new leases and renewals were announced at Military Park including the latest – GeoDesign Inc., which leased office space at Military Park.
Earlier this year, the Newark Downtown District (NDD) – a privately funded 501(c) (3) non-profit organization dedicated to revitalizing downtown Newark – leased office space at Military Park, relocating from its previous location in downtown Newark.
Robert Treat Hotel: a 100-year-old Landmark
2016 also marks the 100th anniversary of the Best Western Robert Treat Hotel at 50 Park Place, named after the city’s founder colonial leader Captain Robert Treat. The landmark property has been an anchor for Newark over the last 100 years, bearing witness to the city’s changes, challenges and progress. The hotel itself underwent a refurbishment in 1986 when the original lobby was destroyed in a fire. That project was followed by nearly $10 million in additional improvements introducing modern convenience and four-star accommodations.
A long list of dignitaries have graced the hotel including President Woodrow and Edith Wilson who were among the hotels first guests. Other high-profile guests have included three additional U.S. presidents – including Franklin D. Roosevelt, John F. Kennedy and Jimmy Carter . Albert Einstein attended a dinner in his honor at the hotel in 1933. And Martin Luther King, Jr., while visiting Newark shortly before his death in 1968, also attended a banquet at the Robert Treat.
One hundred years after its opening, the Robert Treat Hotel remains a central gathering place to celebrate the city’s milestones. And in 2016, it will serve as an important backdrop for Newark as it celebrates its 350th anniversary.