The Hahne & Co. building in downtown Newark
By Joshua Burd
A financial technology firm will relocate to Newark from Manhattan later this year, following an 8,000-square-foot lease at the historic Hahne & Co. building downtown.
The firm, Credibility Capital Inc., announced last week that it had signed a lease at the recently restored, mixed-use building at 609 Broad St. The company will occupy the second floor, having been awarded a $6.5 million Grow New Jersey tax credit in connection with the move.
Credibility Capital, currently located in Midtown South, was founded by North Jersey natives Brett Baris and Mark Rambler. They oversee a technology-enabled lending platform that sources, originates and services commercial loans for banks, noting that the bank-funded model permits the company to offer fair, affordable loans to the highest-quality small businesses.
“We couldn’t be happier to return to New Jersey and be part of the Newark revitalization,” said Baris, the firm’s CEO. “What better place to serve the needs of U.S. small businesses, the heart and soul of our economy.”
Credibility Capital will soon join LaunchPad, a new co-working space, and the headquarters of City National Bank on the second floor of Hahne’s. The building is also home to Whole Foods, Express Newark, a Rutgers University-Newark arts incubator and other tenants, along with 160 apartments.
A development team led by L+M Development Partners, Prudential Financial, the Goldman Sachs Urban Investment Group and Citi Community Capital has overseen the rehabilitation of the iconic department store property.
“We could not be more pleased to welcome Credibility Capital to Newark and are excited for them to grow their business at Hahne & Co.,” said Jake Pine, senior project director at L+M Development Partners. “With the addition of Credibility Capital, Hahne & Co. continues to develop an ecosystem of entrepreneurship that will add to Newark’s renaissance.”
Murphy Partners LLP represented Credibility Capital in the transaction, including the process of seeking incentives from the New Jersey Economic Development Authority.
“The arrival of Credibility Capital at the Hahne & Co. building will add to the momentum at this already bustling epicenter of economic activity,” said Tim Sullivan, the authority’s CEO. “The collaborative effort to revive this iconic site is an example of the promise of 21st century urban redevelopment.”