Newark office building sold in an OZ

  • Jul 09, 2019
  • Marketplace In The News - The Real Deal

Newark office tower within Opportunity Zone finds a buyer

Newmark Knight Frank announced Tuesday the sale of 550 Broad Street in downtown Newark, NJBIZ reported.

The brokerage was tapped earlier this year to market the 18-story office tower on behalf of its now former owners, Ridgewood-based Heritage Capital Group and German investment manager Dr. Peters Group. The 294,242-square-foot building, constructed in 1966, is located within a designated Opportunity Zone. The Real Deal reported last week on another OZ development site in downtown Newark hitting the market.

NKF sought to sell 550 Broad Street on RealINSIGHT Marketplace, a commercial real estate (CRE) auction platform owned by Bethesda, Maryland-based special servicer CWCapital.

The new owner of the building, whose final sales price was not disclosed, is Millburn-based Fidelco Realty Group. Its chairman, Marc Berson, said in a statement that he was pleased to add 550 Broad Street to his firm’s Newark portfolio. “With the aggressive capital improvement plan we intend to implement over the next two years… we expect this building to lease up quickly and add more high quality corporate tenants to the burgeoning community that is developing in the northern end of downtown Newark,” Berson said. 

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