494 Broad St. in Newark — Courtesy: Avison Young
By Joshua Burd
New Jersey Institute of Technology has filled more than 74,000 square feet of office space in Newark, securing a location in a high-profile property owned by Fidelco Realty Group.
The university, which is subleasing the space from Altice USA, will occupy the entire ninth and 10th floors of 494 Broad St., according to brokers with Avison Young. The long-term, 74,356-square-foot commitment will allow it to relocate several non-student-facing administrative offices, a move that’s slated to take place as soon as this month.
Drew Persson of Avison Young’s Morristown-based team represented Altice alongside Frank Pagano of the firm’s Melville, New York, office, touting the lease as Newark’s largest office transaction of 2024 and the largest sublease in New Jersey since March 2022. Paul Profeta of Paul V. Profeta & Associates — a member of NJIT’s board of directors and the founding donor of the school’s Profeta Real Estate Center — facilitated the transaction after learning that the space was available. Profeta is also Real Estate NJ’s founder and publisher.
AY noted that NJIT’s in-house counsel represented the university, whose main campus is about four blocks away.
“Across the market we continue to see an abundance of activity by occupiers seeking high-quality space to not only meet their operational needs, but to create a vibrant environment for their employees and clients,” Persson said. “This being the largest deal in the area so far this year shows remarkable faith by NJIT in Newark as a future destination for their students and staff.”
AY noted that the Fidelco-owned property is centrally located in downtown Newark, while NJIT’s new space comes fully furnished. The two floors contain seating for some 800 employees as well as private office, meeting and conference space.
“The addition of NJIT to 494 Broad is an incredible statement about the growth of Newark’s Downtown Arts and Innovation District,” said Kerri B. Levine, principal at The Fidelco Group. “Fidelco was proud to work with Altice USA and Avison to add NJIT to our list of transformative anchor tenants as we focus on attracting partners who can enhance the city’s resurgence while becoming integral members of the surrounding community.”
