Berger Completes Upgrades at the Military Park Building

Project Introduces Fitness Center, Conference Space at Newark, N.J., Landmark. End Quote

Newark, NJ (1888PressRelease) October 08, 2010 - The Berger Organization has announced the completion of a sizable capital improvement project that has introduced a new tenant fitness center, conference space and other upgrades at The Military Park Building in Newark. The 250,000-square-foot, 85-year-old historic landmark office property is located in the city's central business district at 60 Park Place.

Located on the second floor of the 21-story tower, the 2,000-square-foot fitness center features 24/7 access to free weights, universal machines, state-of-the-art treadmills and bicycles. The conference room, also on the second floor, includes a full kitchenette, audio visual capabilities, wireless Internet and 1,000 square feet of meeting space. Both amenities are available free of charge for Military Park Building tenants.

"We recognize that providing impeccable service and working continually to add value are the keys to attracting and retaining tenants in today's competitive market," noted Miles Berger, chairman and chief executive officer. "Already, the companies at 60 Park Place are expressing their appreciation for the building's latest amenities. Their employees are enjoying the convenience of the fitness center, as well as the opportunity to meet with their teams or with clients in our attractive conference room."

As part of the newly completed renovation at the Military Park Building, The Berger Organization also updated the lobby, core building and elevators, and established street-level retail that can be accessed from both outside and within the building. A comprehensive refurbishment in 2001 included mechanical upgrades, new windows and an exterior restoration.

The Military Park Building sits near the New Jersey Performing Arts Center (NJPAC) and the city's extensive transportation infrastructure. Offering onsite tenant parking and commanding views of the surrounding city, New York skyline and Military Park, it offers an ideal location for Newark-based companies seeking to expand their executive office space as well as New York City-based firms establishing back-office operations.

The Military Park Building currently is 86 percent occupied, with contiguous availabilities from 1,000 to 15,000 square feet.

The Berger Organization acquired the Military Park Building in 2007; the privately owned diversified real estate firm previously had been a minority partner in the building. Today, the property serves as its flagship commercial property, reflecting the company's deep investment in Newark. In fact, half of The Berger Organization's 1 million-square-foot portfolio is located in the city. At 50 Park Place, the company owns The Robert Treat Center, a 100,000-square-foot office tower, and the adjacent landmark Robert Treat Hotel. At 10 Park Place, its Fireman's Insurance Company Building offers 160,000 square feet of space on 10 stories.

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