2 Gateway Center in Newark — Courtesy: CBRE
By Joshua Burd
A global financial technology firm has leased 160,000 square feet at 2 Gateway Center in Newark, planting a flag in the city with one of the downtown’s largest new office deals in recent years.
C&K Properties, the owner of the 18-story office tower, announced Monday that Broadridge Financial Solutions Inc. will move about 1,000 employees to the new space. The provider of investor communications and financial technology, which operates in 16 different countries, is relocating employees currently in the Journal Square section of Jersey City.
Executives say Broadridge was drawn to 2 Gateway — the first building to participate in the high-speed internet program known as Newark Fiber — due in part to its technological connectivity and transportation access. The move also comes six months after the Lake Success, New York-based firm was awarded a 10-year, $23.4 million Grow New Jersey tax credit to keep more than 550 full-time jobs from leaving the state.
C&K Properties was represented by Dudley Ryan, senior vice president; Cheryl Hardt, first vice president; and Kadeem Goodall-Reid, associate, all of CBRE’s New Jersey office. Broadridge was represented by Paul Amoruso, managing director, and Michael Ciotta, director, of Oxford & Simpson Realty Services.
Ben Korman, co-founder and principal of C&K Properties, called the deal “a major milestone” for the 800,000-square-foot tower and for Newark.
“It’s clear that Broadridge, like so many other industry-leading multinational companies, have recognized the value in establishing a significant presence in a world-class space only steps away from the region’s largest transportation hub,” Korman said. “We’re excited to welcome one of the most highly respected financial services firms in the world to the blossoming business community at 2 Gateway.”
Broadridge, which has 10,000 employees worldwide, provides communications, technology, managed services, data and analytics solutions to financial firms in capital markets, wealth management and other sectors, according to a news release. An August 2016 memo by the Economic Development Authority, which awarded the $23.4 million tax credit, said an upcoming lease expiration in Jersey City had led Broadridge to consider the Newark locations or splitting the employees between Coppell, Texas and Bangalore, India.
But it is now the first new major tenant to take advantage of 2 Gateway’s participation in Newark Fiber, which gives tenants access to commercially available fiber-optic internet access and provides the region’s fastest internet speeds at the lowest cost.
Ryan of CBRE said “the significant take away is that this deal really legitimizes the Newark market as one executives in metro area really need to seriously consider.” Broadridge will occupy three and a half floors at 2 Gateway.
In recent years, the owners of 2 Gateway have repositioned the building by making significant improvements to its lobby area and concourse, which is now home to NJTV’s live studio. The upgrades also include creating The Gateway Project art gallery and Cotidiano café and coffee bar.