In what is deemed the largest office transaction in the Newark submarket to date in 2024, New Jersey Institute of Technology has signed a long-term sublease for a 74,356-square-foot space at 494 Broad St. The deal was arranged by Avison Young on behalf of sublandlord Altice USA.
NJIT will relocate several non-student-facing administrative offices, occupying the entire ninth and 10th floors and are expected to move into the property in the beginning of May.
“We are excited about this strategic relocation, which underscores our dedication to continuous improvement and innovation,” Teik Lim, president of NJIT said. “By transitioning to 494 Broad Street, we aim to optimize our resources, improve operational efficiency and create a more dynamic work environment for our administrative teams.”
Altice USA was represented by Drew Persson, based in Avison Young’s Morristown office, and Frank Pagano, based in Avison Young’s Melville, New York, 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,” Persson said. “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 St., 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,” Kerri Levine, principal at the Fidelco Group said. “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.”
“NJIT’s expansion of vital administration services office space into Newark’s downtown is evidence of our success in reinvigorating the heart of our city with a full spectrum of amenities for residents, workers and visitors,” said Newark Mayor Ras J. Baraka. “Beyond accessibility to metropolitan mass transit, the NJIT family can enjoy both world-class and hyperlocal dining, entertainment and shopping, as well as an array of housing options and a lively, ever-changing streetscape. I’m grateful to NJIT for its continual embrace of all Newark has to offer, and for what it infuses into our city life.”
