Press Release

CBRE touts 97,000-sq.-ft. lease for Newark public schools

29 1 2018

Newark Public Schools Ribbon Cutting

Newark’s public school system has opened a new central office in the city’s downtown, following a 97,000-square-foot lease announced Friday by CBRE.

The real estate services firm represented Newark Public Schools in the relocation to 765 Broad St., which sits just south of Bank St. The space, which the district has leased for 16 years, houses 350 employees.

“Creating the best environment for our employees and families was a priority for us in choosing this location,” said Christopher D. 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.”

Cheryl Hardt of CBRE represented the district in the transaction, saying the firm was “pleased to help Newark Schools in its mission to deliver more resources to students through savings, efficiencies and collaborative space utilization.” The firm noted that a street-level center at 765 Broad will be dedicated to family support and community engagement, as well as a science laboratory and technology center in the lower level.

The building is within walking distance of Newark Penn Station and multiple NJ Transit bus lines.

The district — which has 66 schools, 5,595 employees and a student population of 35,329 — is the largest and one of the oldest school systems in New Jersey, according to a news release. Newark Public Schools Business Administrator Valerie Wilson said the district is creating $2.3 million in annual savings by moving into the new space.

“We are saving taxpayer dollars while servicing our students and community in the best possible way,” she said.

Photo courtesy of CBRE
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.