The Newark skyline, which includes 550 Broad St.
By Joshua Burd
A prominent Newark landlord has expanded its holdings in the city, acquiring a well-known office tower at the northern end of the downtown.
Brokers with Newmark Knight Frank announced Tuesday that Fidelco Realty Group has purchased 550 Broad St., a 294,242-square-foot, 18-story building at the intersection of Lombardy Street. Terms were not disclosed.
“We are excited to add 550 Broad Street to our expanding portfolio of Newark office buildings,” said Marc Berson, chairman of Fidelco Realty Group. “With the aggressive capital improvement plan we intend to implement over the next two years, along with the planned renovations to Washington Park across the street, we expect this building to lease up quickly and add more high-quality corporate tenants to the burgeoning community that is developing in the northern end of downtown Newark.”
NKF Executive Managing Director Steven Schultz, managing directors Tony Georgiev and Josh Malka and leasing expert Jeff Kolodkin brokered the sale in conjunction with ReallNSIGHT Marketplace, a live-bid commercial real estate sales platform. They noted that 550 Broad, a highly visible piece of the city’s skyline, is within walking distance of both Newark Penn Station and Newark Broad Street Station
The 53-year-old building boasts a newly updated lobby and a modern fitness center and café.
“We are pleased to announce the sale of this Class A office building,” Schultz said. “550 Broad Street shows the opportunity for further development of an already expanding Newark community. New capital investors are entering the market and really changing the landscape of the city.”
NKF highlighted the property’s location within a federally designated Opportunity Zone, an area in which certain investments can qualify for favorable tax treatment. The firm also hailed the deal as another sign of business confidence in downtown Newark, which is already home to Panasonic Corp. of North America and Audible, along with being the historic headquarters of Prudential Financial.
“We are continuing to see an active market in Newark across office, retail and residential properties,” Kolodkin said. “Our team has recently completed 35 lease transactions in Newark alone, and renovation programs, as well as new proposed buildings, are continuing to add to Class A inventory.”
CWCapital CEO and President James Shevlin, whose firm owns ReallNSIGHT Marketplace, added: “This was a great assignment to be a part of with Newmark Knight Frank and are excited with the results we were able to provide to the seller.”
