Fidelco Realty Group has revitalized a well-known office tower in downtown Newark with a renovated lobby, flexible tenant amenity spaces, a modern fitness center and a café, among other improvements. — Rendering courtesy: JLL
By Joshua Burd
The nonprofit Geraldine R. Dodge Foundation has leased nearly 9,200 square feet at a well-known office building in downtown Newark, in a newly announced deal by JLL.
The organization, which is currently based in Morristown, will move its headquarters to 550 Broad St. under the transaction with Fidelco Realty Group. It’s slated to take occupancy this summer, continuing its mission of supporting organizations and leaders addressing the root causes and repair of structural racism and inequity in New Jersey.
“For decades, Newark has been home to social and racial justice movements, and immersing ourselves in the area will strengthen our understanding of and commitment to equity in New Jersey,” said Tanuja M. Dehne, CEO and president of the Dodge Foundation. “JLL has been a terrific partner in navigating this next chapter of the foundation, and this move positions us to engage in the economic revitalization already underway in the state’s largest city.”
JLL Senior Vice President Kelsey Nakamura represented the Dodge Foundation, which joins a roster of not-for-profit tenants at 550 Broad St. that includes Local Initiatives Support Corp., Big Brothers Big Sisters of Essex, Hudson & Union Counties, The Victoria Foundation and The Wight Foundation. Jon Karnick of Assurance Realty Group represented ownership at the nearly 300,000-square-foot building.
JLL is also providing the tenant with project management services, noting that the Dodge Foundation will occupy 9,180 square feet of office space on the 10th floor.
“We are so proud that the Dodge Foundation has chosen to make 550 Broad its new headquarters,” said Kerri B. Levine, a vice president with Fidelco Realty Group, “As Fidelco continues to redevelop this historic gem, our goal is to create a community for entrepreneurs and nonprofits, providing opportunities for businesses looking to relocate to Newark and participate in strengthening the community and its powerful resurgence. No organization better embodies this vision than The Dodge Foundation.”
The deal comes as Fidelco has redesigned the historic former First National State Bank building, which has a renovated lobby, flexible tenant amenity spaces, a modern fitness center and a café, according to a news release. Tenants and visitors also have access to three floors of shared conference, event and co-working space open to community partners, nonprofits and grantee partners.
The foundation, meantime, is working with Newark-based and local architects, designers, vendors and movers to bring the space to life and further collaborate with the local business community, the news release said.
“The Dodge Foundation’s mission-driven relocation to Newark will help further the foundation’s work and allow them to embrace the boundless opportunities that this vibrant city has to offer,” Nakamura said. “With its diverse community, connectivity, varied industries, universities and cultural centers, there’s a lot of momentum building around Newark. It has been a privilege to work with the Geraldine R. Dodge Foundation in their historic relocation as they continue to build upon their legacy of bolstering the nonprofit ecosystem in New Jersey.”