Cushman & Wakefield has been named the property manager for a prominent building in downtown Newark, it announced Monday.
The real estate firm’s New Jersey Asset Services team will institutionalize property management practices at 744 Broad St., the National Newark Building — the tallest property in the city. The office tower totals 592,000 square feet, occupying a full block on Broad Street, including street-level retail, an event space and an 80-car parking lot.
The team will be led by Managing Director Michael Nevins, working with the current ownership, Emerita USA.
“We have a longstanding relationship with the Capital Markets team at Cushman & Wakefield, and we are looking forward to the renewal of the National Newark Building,” Emerita Vice President Joseph Dabbah said in a prepared statement. “We bought this magnificent art deco building because we believe it stands apart from its competitive set in terms of its aesthetics and prime location.
“We believe that Newark is on the cusp of an economic revival and anticipate that our building will contribute positively to the growth and development of the city.”
Cushman & Wakefield’s New Jersey Capital Markets team arranged the building’s 2013 sale to Emerita.
“Our investment sales group has maintained a strong relationship with this client, leading to the introduction and ultimate engagement of our group,” Nevins said in a statement. “We couldn’t be more pleased to come on board and help this energetic company improve the operation and marketability of this historic property.”
The Asset Services team is based in East Rutherford. C&W provides property management services for approximately 20.7 million square feet of space in New Jersey.