Downtown Newark’s historic Hahne & Co. building has a new tenant, the tenant announced Friday.
FinTech company Credibility Capital Inc. said it recently signed a lease for 8,000 square feet of office space in the building. The company is a technology enabled lending platform for commercial loans for banks.
“We couldn’t be happier to return to New Jersey and be part of the Newark revitalization,” said Brett Baris, CEO of Credibility Capital. “What better place to serve the needs of U.S. small businesses, the heart and soul of our economy.”
The FinTech will join a mix of tenants at the building, which is currently anchored by Whole Foods, including Express Newark, Rutgers University-Newark’s arts incubator and Marcus B&P, a restaurant. It will join LaunchPad on the second floor at Hahne’s, as well as the headquarters of City National Bank.
The move will happen later in 2018. Financial terms were not disclosed.
Credibility Capital is relocating from Midtown south Manhattan to the building, which was restored by L+M Development Partners, Prudential Inc., the Goldman Sachs Urban Investment Group and Citi Community Capital. The move was made possible by a $6.5 million award under the Grow New Jersey Assistance Program from the New Jersey Economic Development Authority
“We could not be more pleased to welcome Credibility Capital to Newark and are excited for them to grow their business at Hahne & Co., said Jake Pine, senior project director at L+M Development Partners. “With the addition of Credibility Capital, Hahne & Co. continues to develop an ecosystem of entrepreneurship that will add to Newark’s renaissance.”
“The arrival of Credibility Capital at the Hahne & Co. building will add to the momentum at this already bustling epicenter of economic activity,” said EDA CEO Tim Sullivan. “The collaborative effort to revive this iconic site is an example of the promise of 21st century urban redevelopment.”