Avison Young arranges largest Newark, NJ office transaction in 2024
The 74,356-sf sublease at Fidelco’s 494 Broad Street will be occupied by New Jersey Institute of Technology
Newark, NJ – Avison Young has arranged a 74,356-square-foot (sf), long-term sublease at 494 Broad Street in Newark, NJ on behalf of sublandlord Altice USA. The sublease is the largest office transaction in the Newark submarket to date in 2024 and will be occupied by New Jersey Institute of Technology (NJIT). NJIT will relocate several non-student-facing administrative offices, occupying the entire ninth and tenth floors and are expected to move into the property in the beginning of May 2024.
Altice USA was represented by Drew Persson, based in Avison Young’s Morristown, NJ office, and Frank Pagano, based in Avison Young’s Melville, NY office. NJIT was represented by in-house counsel.
“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,” said Persson. “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.”
The trophy property at 494 Broad Street, which is owned by The Fidelco Group, is centrally located in downtown Newark near NJIT’s main campus, comes fully furnished, and contains 350 covered dedicated parking spots. Both floors contain ample seating for up to approximately 800 employees as well as a diversity of 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.”
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About The Fidelco Group
The Fidelco Group is an owner-developer of residential, commercial and industrial properties in the tri-state markets. An active investor in new construction, Fidelco has also focused on rehabilitating and repositioning existing properties in urban areas throughout the country. Fidelco renovated the 400,000-square-foot 1 Washington Park office building in Newark and worked hand-in-hand with Rutgers University to build a world-class business school, housed within the building.
Additionally, Fidelco has developed award-winning projects like the 494 Broad Street office complex and parking garage in Newark, 15 James Street, and the state-of-the-art, 140,000-square-foot FreezPak freezer warehouse facility in Elizabeth/Newark. Currently, Fidelco is redeveloping its historic 550 Broad Street building, set to house a diverse roster of tenants and a wealth of world-class amenities for professionals, neighbors, community members, and more.
For more information:
- Download property photo here.
Media contact:
- Nathan Reyna, Regional Media Relations & Content Specialist, Northeast: +1.917.877.1697