Health Republic Insurance of N.J. to Establish HQ at 570 Broad
NEWARK, N.J., Feb. 27, 2014 - Health Republic Insurance of New Jersey has committed to12,000 square feet at The Berger Organization's 570 Broad in Newark. The non-profit Consumer Operated and Oriented Plan (CO-OP), established through the Affordable Care Act to offer health insurance to New Jerseyans, will take occupancy at its new headquarters this spring.
Harlan Hollander of Cushman & Wakefield's East Rutherford, N.J., office orchestrated the long-term lease on behalf of the tenant. Brendan Berger, vice president of The Berger Organization, represented his company, which serves as operating partner for the 200,000-square-foot, 15-story office tower.
"My client wanted to set its foundation and grow in Newark, which offers outstanding mass transit access and the quality of life a 24/7 urban hub offers for employees," Hollander said. "570 Broad was a great choice. The location and value are right. Additionally, Health Republic Insurance is rapidly expanding its staff and required a fast move-in timeframe. The Berger Organization was highly responsive."
Originally constructed in 1960, 570 Broad Street today offers modernized technology, HVAC and security systems, high-speed fiber-optics and new high-speed elevators. The Berger Organization is in the midst of additional building infrastructure improvements. Ongoing plans call for a parking element with one space per 1,000 square feet, a conference room for use by tenants, and a fitness center for tenants and their employees.
Located across from Newark's Washington Square Park, 570 Broad offers easy access to Newark Penn Station and Broad Street Station; local dining, shopping and lodging; and entertainment venues like Prudential Center, the New Jersey Performing Arts Center and Newark Bears Stadium. The property also is within walking distance of the Newark campuses of Seton Hall and Rutgers universities, and the New Jersey Institute of Technology.