NEWARK, N.J., Dec. 26, 2006 - ACBB-BITS, LLC has become the newest tenant at the 550 Broad Street office tower in Newark, N.J., announced Jeffrey Greenberg of Heritage Management Company, the property's executive operating partner. The firm, which provides IP Telephony and converged network services to Atlantic Central Bankers Bank (ACBB) community banks, leased 13,000 square feet and has relocated its New Jersey office to the 291,000-square-foot, landmark property from One Gateway Center. Based in Camp Hill, Pa., ACBB is one of 19 Bankers Banks in the US and a Federal Reserve member bank that services more than 300 shareholder community banks and approximately 200 non-member banks in Pennsylvania, New Jersey, New York, Maryland and Delaware. Collectively, the company provides services to more than 5,000 branch locations. ACBB-BITS, funded and fully owned by ACBB, was formed in 2005 exclusively to provide enhanced communications services to ACBB community banks. This includes local and long distance calling, IP Telephony equipment, MPLS network infrastructure, internet access, and network security.

“After one year of development and field testing, ACBB-BITS has emerged with a comprehensive solution that enables ACBB community banks to take advantage of 21 st century converged network technologies while continuing to focus on what they do best – serving their local communities,” said Chuck Daniels, ACBB-BITS chief executive officer. “And as we continue to grow our New Jersey location, we have selected the perfect environment for our young company. 550 Broad Street provides the flexibility, location and image that will foster our growth in the coming years.”

550 Broad Street, with its visible signage east from Route 21, has become a symbol of the continuing renaissance of Newark's downtown commercial district. The property offers unobstructed views of the Manhattan skyline and is located within walking distance of the New Jersey Performing Arts Center and Newark Bears Stadium as well as neighborhood dining and retail. The property offers easy access to the new Light Rail system and PATH trains and is convenient to Newark Liberty International Airport and the region's major thoroughfares.

The building offers a number of “smart” features, including vertical wiring with fiber optic cable and the latest voice, data and video technology; a video conferencing center; 24-hour security; eight high-speed elevators; and a loading dock and freight elevator. Typical floor plans include 16,250 rentable square feet, with units available from 1,000 square feet. Heritage Management introduced a coffee shop at the property earlier this year.

“550 Broad Street has become one of the most desirable corporate addresses in Newark's Central Business District,” Greenberg said. “ACBB-BITS is a prime example of the up-and-coming, dynamic businesses that are making it their home. We welcome them to the property and look forward to a long and positive relationship.”

Heritage Management originally purchased 550 Broad Street in 2000 and entered into a joint ownership with the Dr. Peters Group, a German investment entity, in 2005. Heritage maintains on-site management offices in the building. In recognition of the firm's efforts there, the New Jersey Building Owners and Managers Association ( BOMA ) named 550 Broad Street as 2001 Building of the Year. The building also won the 2001 Good Neighbor Award from the New Jersey Business and Industry Association (NJBIA).

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Heritage Management Company is a private family-owned real estate firm based in Ridgewood, N.J. The 70-year-old, third-generation investment, development and management company has owned and managed approximately 60 office, industrial and retail properties in 20 states. Its hallmark office buildings include 550 Broad Street in Newark, N.J., 300 Harmon Meadow Boulevard in Secaucus, N.J., and Atria East in Garden City, N.Y.