CBRE’s Richard Charles worked alongside Brendan Berger of The Berger Organization in the transaction.
According to Berger, demolition is underway and NJIUA is working to occupy half a floor in the 200,000-square-foot building.
“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 news release. “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.”
NJIUA was created by the Legislature in 1968 to provide property insurance to any person unable to obtain insurance from a voluntary company, the Berger Organization said in a release.
570 Broad St. is located across from the Broad Street light rail station and is within walking distance to the Newark Public Library and Military Park.