March 20, 2017
Berger Organization paid $16.4 million for 33 Washington St. in Newark, NJ. That works out to about $37 per square foot for the 450,000-square-foot building, according to data from CoStar.
“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.”
HFF marketed the building on behalf of the seller, LNR Property LLC. Built for Horizon Blue Cross/Blue Shield in 1970, the 18-story office tower is in the James Street Commons Historic District. Current tenants include Audible and DHL.
Berger is also currently redeveloping the historic St. Francis Hotel building on East Park Street in Newark into a 102-room TRYP by Wyndham hotel.
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