Newmark Knight Frank, a real estate advisory firm, announced Thursday it has been awarded the sale of a Class A office tower in Newark.
The sale of 550 Broad St. will be conducted via RealINSIGHT Marketplace, a live-bid commercial real estate sales platform, NKF said.
Steven Schultz, executive managing director; Tony Georgiev and Josh Malka, managing directors; and Jeff Kolodkin, leasing specialist; represented the seller.
“2019 is going to be another great year for Newark,” Schultz said. “Capital continues to flow into its real estate market from institutional and New York based investors alike, and the investments and developments made to the Broad Street corridor over the last five years have made that area a particularly attractive option. Prospective tenants will consider 550 Broad Street a truly unique office space opportunity in Newark because it’s a transit-accessible building that also offers sweeping views of the Manhattan skyline and modern amenities.”
The 18-story, multitenant property is within walking distance to Newark Penn Station. Located near the southeast corner of Washington Park, the building recently underwent a $1.1 million renovation of its lobby and tenant amenities, including the addition of a new fitness center and cafe.
“Millennials want to live, work and play all in the same area, and for this reason, Newark has emerged as a top option for both millennial-owned companies and older companies aiming to attract millennial talent,” Kolodkin said. “The Newark real estate market has been incredibly active, and has established itself as a lively urban community that continues to attract top companies.”