The Fidelco Group has purchased 494 Broad Street, a six-story, 115,000-square-foot office building in downtown Newark’s North Broad Street.The Fidelco Group has purchased 494 Broad Street, a six-story, 115,000-square-foot office building in downtown Newark”s North Broad Street District. The Newark-based real estate owner and developer made the $10 million acquisition in August but did not officially announce the deal until now.
Since taking ownership, Fidelco has signed three new tenants at 494 Broad Street: New Jersey SEEDS, an academic preparation and leadership development program; nonprofit organization Jersey Cares; and Genova, Burns & Vernoia, which will be leasing two floors, or 35,000 square feet, at 494 Broad Street. The law firm will be relocating its headquarters and more than 75 employees from 354 Eisenhower Parkway in Livingston.
The 1960s buildingÂpreviously owned by IDTÂis scheduled to undergo a complete renovation, Fidelco said. The redevelopment of the property will include a new restaurant, lobby and window system, as well as elevator, bathroom and HVAC (heating, ventilating and air conditioning) upgrades. Fidelco also said it plans to build structured parking and retail space on Broad Street.
The property sits on Newark”s North Broad Street “Quad,” which is bounded by the Newark Broad Street train station, the Bears & Eagles Riverfront Stadium, Washington Park and Fidelco”s 1 Washington Park office tower.