The New Jersey Insurance Underwriting Association has leased space at a Newark office building, according to its owner, The Berger Organization.
The Newark-based real estate company said in a news release Wednesday that NJIUA has signed on for 7,500 square feet of Class A space at 570 Broad St. The group, which had maintained offices at 744 Broad St. for more than 30 years, signed a seven-year lease with options to come to the 15-story, 200,000-square-foot building.
CBRE’s Richard Charles acted as broker, working with The Berger Organization’s Brendan Berger.
“NJIUA has been an established presence in the neighborhood for decades, and it was important to the team there to find space close by that offered the flexibility they sought,” Berger said in a prepared statement. “We are looking forward to working with Steven Mutterperl, president of the association, and his team to develop an exciting new space at 570 Broad. I think they will be very happy with the change.”
Berger said the half-floor space in the building is undergoing renovations, with demolition underway and NJIUA working with Berger’s architect on planning. Tenancy is expected by the start of summer.
