Page 19 - RE-NJ

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Still, Fidelco doubled down and
continued with unseen but critical
infrastructure upgrades — building
systems, interiors and tenant-
specifi c modifi cations — as part
of a planned $30 million overhaul
that will also include updates to the
tower’s lobby and façade. It worked
closely and proactively with existing
tenants as their needs changed,
while remaining focused on drawing
new occupants.
That meant leaning heavily on
diversifi cation and the increasingly
popular fl exible workspace model.
Fidelco partnered with EqualSpace,
a prominent coworking organization,
to create three fl oors of suites
ranging from 800 to 1,200 square
feet, providing startups with an
affordable entry point and enabling
them to scale operations gradually.
EqualSpace has also curated the
building’s shared business amenities,
including conference rooms, podcast
studios and event spaces.
“People couldn’t bite off more than
they could chew,” Levine said. “We
realized tenants needed less space
but with more amenities.”
All the while, 550 Broad began to
attract notable organizations such
as Big Brothers Big Sisters of Essex,
Hudson & Union Counties, which
took some 4,000 square feet in 2022,
followed by leases of 9,180 and
5,629 square feet by the Geraldine R.
Dodge Foundation and the Victoria
Foundation, respectively. That
activity stemmed from Fidelco’s
focus on a community environment
at the building, the landlord said,
while noting that the COVID-19
crisis forced nonprofi ts to rethink
their offi ce needs based on the
constituencies they served.
“The pandemic underscored a key
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Rendering courtesy: Fidelco
Fidelco is revitalizing 550 Broad St., a nearly 300,000-square-foot offi ce tower in Newark, with a new façade, a renovated lobby,
fl exible tenant amenity spaces, a modern fi tness center and a café, among other improvements.
shift for nonprofi ts,” Levine said.
“While their missions remained
unchanged, strategic planning on the
part of these organizations made clear
that their spatial needs were evolving.
Today, 550 Broad is more than just
a building — it’s a celebrated part
of Tubman Square that embodies a
strong sense of community.”
Fidelco’s longstanding commitment
and connection to Newark has
paid off in other ways and with
other tenants. Startups affi liated
with Audible — the Newark-based
audiobook giant and a longtime
tenant and partner of Fidelco —
have taken space at 550 Broad.
Those users include content
company Pocstock and artifi cial
intelligence fi rm AlphaROC, which
benefi t from the building’s fl exible
leasing opportunities and shared
amenities.
The landlord also noted that
EqualSpace’s coworking fl oors
provided not just desks, but
networking opportunities and
shared business facilities. The
emphasis on creating a sense of
community helped tenants feel
connected, even as hybrid work
models persisted.
Work is also underway on Melba’s
Restaurant, a planned eatery that
will anchor 550’s retail offerings
and feature a commissary kitchen
capable of serving the tristate area.
And the restaurant’s hybrid model,
combining a catering business
with dine-in services, refl ects the
adaptability required to thrive in the
post-pandemic landscape.
Today, 550 Broad is roughly 70
percent leased, a signifi cant
improvement from its pre-pandemic
levels. With four fl oors still available,
the team remains optimistic about
achieving full occupancy and has
hired JLL to help lease up the
balance of the space.
Fidelco’s efforts have also had a
ripple effect on the surrounding
area. The revitalization of 550
Broad has spurred interest in
other nearby properties, the fi rm
said, contributing to the ongoing
transformation of Newark’s North
End. And the company’s investment
in the community extends beyond
real estate, as evidenced by its
involvement in projects like the
renovation of Harriet Tubman
Square and support for local
businesses.
“Fidelco has been at the forefront
of downtown Newark’s renaissance,
creating opportunities for the
community to thrive,” Levine said.
“550 Broad is at the heart of that
mission, providing nonprofi ts,
corporations and startups with the
space and world-class amenities
needed to work and grow in
Newark.” RE
John Yocca is a freelance writer