Brokerage firm CBRE represented Newark Public Schools in its central office relocation to 765 Broad St. Newark Public Schools’ new office is a 97,000-square-foot location and is set to house 350 employees.
“Creating the best environment for our employees and families was a priority for us in choosing this location,” said Christopher Cerf, superintendent of Newark Public Schools. “Our new location allows us to move forward to create an expanded culture of collaboration and progress in the Newark school community.”
CBRE said a street-level center at the new location will be dedicated to family support and community engagement. Cheryl Hardt of CBRE represented the school district in the transaction.
“We are creating $2.3 million in annual savings by moving into this new space,” said Valerie Wilson, the school business administrator who led the project. “We are saving taxpayer dollars while servicing our students and community in the best possible way.”
The Newark School District consists of 66 schools, 5,595 employees and a student population of 35,329.
CBRE also brokered the sale of the final phase of Bridge Development’s industrial portfolio of more than 4.2 million square feet throughout New Jersey, California and Florida to Duke Realty. The brokerage firm negotiated the sale of a 661,539-square-foot property under construction at 429 Delancey St., Newark.
Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE represented Bridge Development and Banner Oak Capital Partners, the sellers, in the transaction.
“CBRE National Partners arranged the sales of eleven properties in New Jersey in 2017, totaling $928 million in total consideration,” CBRE said in a news release. “The eleven transactions combined for more than seven million square-feet sold, making this the team’s most successful year to date in New Jersey.”
Duke Realty acquired the portfolio for $692,450,000 in four phases between September and December 2017.