550 Broad St. in Newark — file photo
By Joshua Burd
The owner of a well-known, 18-story office tower in Newark has tapped Newmark Knight Frank to market the property for sale.
The real estate services firm announced Friday that it will seek a buyer for 550 Broad St., a 270,000-square-foot building near the southeast corner of Washington Park. In conducting the transaction, the brokerage team will use RealINSIGHT Marketplace, a live-bid commercial real estate sales platform.
NKF Executive Managing Director Steven Schultz and managing directors Tony Georgiev, Josh Malka, along with Jeff Kolodkin as leasing expert, are representing the seller.
“2019 is going to be another great year for Newark,” Schultz said. “Capital continues to flow into its real estate market from institutional and New York-based investors alike, and the investments and developments made to the Broad Street corridor over the last five years have made that area a particularly attractive option.
“Prospective tenants will consider 550 Broad Street a truly unique office space opportunity in Newark because it’s a transit-accessible building that also offers sweeping views of the Manhattan skyline and modern amenities.”
The NKF team noted that 550 Broad recently underwent a $1.1 million renovation of its lobby and tenant amenity spaces, including the addition of a new fitness center and café. They also touted Newark’s growing office submarket.
“Millennials want to live, work and play all in the same area, and for this reason, Newark has emerged as a top option for both millennial-owned companies and older companies aiming to attract millennial talent,” Kolodkin said. “The Newark real estate market has been incredibly active, and has established itself as a lively urban community that continues to attract top companies.”