Fidelco Realty Group of Millburn has purchased a recently renovated 18-story office tower in Downtown Newark, commercial real estate advisory firm Newmark Knight Frank announced on July 9.
550 Broad St., located in an opportunity zone, boasts 294,242 square feet, unobstructed views of the Manhattan skyline and fresh amenities including a new lobby, fitness center and café.
The sale was brokered by NKF Executive Managing Director Steven Schultz, Managing Directors Tony Georgiev and Josh Malka, and leasing expert Jeff Kolodkin, in conjunction with live-bid commercial real estate sales platform RealInsight Marketplace. Financial terms were not disclosed.
Schutlz said in a statement that the sale highlights the opportunities in the Brick City. “New capital investors are entering the market and really changing the landscape of the city,” he said.
According to Kolodkin, the NKF team has completed 35 recent transactions in the city.
Berson said Fidelco plans to implement a capital improvement plan at the building, which opened in 1966, over the next two years, with expectations of quick leasing fulfillment to add additional corporate tenants to the northern Downtown area.