Fidelco Realty Group is revitalizing a well-known office tower in downtown Newark at a cost of more than $30 million, with plans that include a sweeping physical upgrade, the addition of a new bar and restaurant and the creation of flexible workspace to serve technology startups. — Rendering courtesy: Fidelco/Perkins Eastman
By Joshua Burd
A youth mentoring organization is moving to a well-known Newark office tower after inking a lease with The Fidelco Group, the owner of the historic building.
In a news release, the real estate firm said 550 Broad St. will serve as the new home of Big Brothers Big Sisters of Essex, Hudson & Union Counties. The chapter is taking more than 4,000 square feet for its 25 full-time employees, who will have a professional workspace that will allow them to provide a critical mentoring service to those they serve.
The deal comes as Fidelco, which has developed and repositioned several prominent buildings in downtown Newark, renovates 550 Broad after acquiring in summer 2019. Its plans include a top-to-bottom renovation as well as an overhaul that will create a vibrant new lobby and ground-floor restaurant space.
“We are so proud to provide a home to one of the best youth mentoring programs in the country,” said Marc E. Berson, CEO and president of The Fidelco Group. “A tenant like Big Brothers Big Sisters speaks volumes to our commitment to the community and to the future of 550 Broad Street.”
Big Brothers Big Sisters is the nation’s largest donor- and volunteer-supported youth mentoring network. The nonprofit organization matches adult volunteers, known as Bigs, with young people age five through early adulthood in communities across the country.
Its new space in Newark will allow the organization to privately conduct interviews with children and their families to match them with potential Bigs.
“This new, high-profile location provides our professional staff with a modern space that will be customized to suit our needs and enhance our contribution to the community,” said Carlos Lejnieks, CEO and president of Big Brothers Big Sisters of Essex, Hudson & Union Counties. “We are so appreciative of Fidelco Group for providing us with this exciting opportunity and for helping us incorporate the Big Brothers Big Sisters DNA throughout the office.
“Today’s youth face a variety of challenges and being matched with a ‘Big Brother’ or ‘Big Sister’ can help them navigate their challenges and reach their greatest potential.”
Fidelco said it expects to make several other major announcements about 550 Broad.
