JLL arranges long-term lease for Dodge Foundation at historic 550 Broad St. in Newark

The Geraldine R. Dodge Foundation, after 50 years of supporting organizations across the state, has signed a lease to formally relocate its headquarters from Morristown to Newark at the iconic 18-story former First National State Bank building in Newark to relocate its headquarters, according to a Thursday announcement from JLL, which arranged the deal.

At the building located at 550 Broad St., the nonprofit will occupy 9,180 square feet of office space on the 10th floor. It will move from its longtime home in Morristown this summer to occupy a turnkey space fully built out by the landlord.

“For decades, Newark has been home to social and racial justice movements, and immersing ourselves in the area will strengthen our understanding of and commitment to equity in New Jersey,” Tanuja Dehne, CEO and president of the Dodge Foundation, said. “JLL has been a terrific partner in navigating this next chapter of the foundation, and this move positions us to engage in the economic revitalization already underway in the state’s largest city.”

Owned and operated by Fidelco Realty Group, 550 Broad St. is a nearly 300,000-square-foot office property. Firm leadership has meticulously and deliberately redesigned the historic building, which now features a completely renovated lobby, flexible tenant amenity spaces, state-of-the-art fitness center, café and more. Tenants and visitors also have access to three floors of shared, fully outfitted conference, event and coworking space open to community partners, nonprofits and grantee partners. The foundation is also working with Newark-based and local architects, designers, vendors and movers to bring the space to life and further collaborate with the local business community.

“We are so proud that the Dodge Foundation has chosen to make 550 Broad its new headquarters,” Kerri Levine, vice president, Fidelco Realty Group, said. “As Fidelco continues to redevelop this historic gem, our goal is to create a community for entrepreneurs and nonprofits, providing opportunities for businesses looking to relocate to Newark and participate in strengthening the community and its powerful resurgence. No organization better embodies this vision than The Dodge Foundation.”

JLL Senior Vice President Kelsey Nakamura arranged the lease on behalf of the Dodge Foundation, which joins a roster of not-for-profit tenants at 550 Broad St. that includes Local Initiatives Support Corp.; Big Brothers Big Sisters of Essex, Hudson & Union Counties; the Victoria Foundation; and the Wight Foundation. The landlord was represented by Jon Karnick, Assurance Realty Group. JLL is also providing the tenant with project management services.

The transaction comes as the city of Newark pursues a vigorous economic development strategy to increase housing and bolster new business.

“The Dodge Foundation’s mission-driven relocation to Newark will help further the foundation’s work and allow them to embrace the boundless opportunities that this vibrant city has to offer. With its diverse community, connectivity, varied industries, universities and cultural centers, there’s a lot of momentum building around Newark,” Nakamura said. “It has been a privilege to work with the Geraldine R. Dodge Foundation in their historic relocation as they continue to build upon their legacy of bolstering the nonprofit ecosystem in New Jersey.”

550 Broad St. is located opposite the revitalized Harriet Tubman Square, within walking distance of Newark Penn Station, the largest public transit hub in the state, offering PATH, New Jersey Transit and Amtrak train service. With easy access to the New Jersey Turnpike, Interstates 280 and 78 and Route 22, the property is also proximate to Newark Liberty International Airport and nearby attractions including the New Jersey Performing Arts Center and Newark Bears Stadium.