Page 18 - RE-NJ

16 FEBRUARY 2025
Fi Fide delc lco o Re Real alty ty G Gro roup up
ac acqu quir ired ed 5 550 50 B Bro road ad S St. t.
in in N New ewar ark k in in 2 201 019. 9.
Courtesy: Fidelco
ALL INCLUSIVE
How Fidelco is using shared amenities, diverse tenant mix
to revive Newark offi ce tower
By John Yocca
It’s no surprise that Fidelco Realty
Group — with its vast experience
and wherewithal — managed to
weather the pandemic that struck
nearly fi ve years ago and even forged
ahead with plans to revive one of
Newark’s iconic offi ce buildings.
But perhaps every bit as critical
was its decision to pursue a
diverse tenant mix at 550 Broad
St., recognizing a burgeoning
demand for smaller, fl exible spaces
and coworking environments and
welcoming an eclectic group of
businesses and nonprofi ts. That
has attracted everything from
tech startups and foundations to
traditional law and engineering
fi rms in recent years, fueling 130,000
square feet of new leasing activity
and another 65,000 square feet of
renewals, expansions or relocations
of existing tenants.
Kerri Levine
“Every tenant
who walked
through the
door became
part of our
community,”
said Kerri
Levine, a
principal with
Millburn-based Fidelco. “We listened
to their needs, adapted our plans
and worked together to create
something unique.”
Occupancy at the 18-story,
300,000-square-foot building was
around 50 percent when Fidelco
acquired it in 2019. Its vision
was to revitalize the former First
National State Bank headquarters
and establish it as a cornerstone of
Newark’s commercial renaissance,
adding to the fi rm’s decades-long
history as a business leader and
property owner in the city.
But within months, the world
changed drastically. The COVID-19
pandemic disrupted traditional
offi ce spaces, forcing companies to
rethink their needs and challenging
landlords to adapt to a new reality.
Fidelco saw it as an opportunity to
innovate.
“We had to completely re-strategize,”
Levine said, as the sudden shift to
remote work left offi ce buildings
across the country grappling with
unprecedented vacancy rates.
Companies were downsizing, and
large corporate leases were put
on hold as uncertainty clouded
decision-making.