Newmark Knight Frank Awarded Sale of 550 Broad Street in Newark

On Feb 22, 2019

Global commercial real estate advisory firm Newmark Knight Frank (NKF) has been awarded the sale of 550 Broad Street in Newark. The sale will be conducted via RealINSIGHT Marketplace, a live-bid, commercial real estate sales platform. The property, an 18-story, multi-tenant Class A office tower, is located in transit-friendly and rapidly growing Downtown Newark. Representing the Seller is Executive Managing Director Steven Schultz and Managing Directors Tony Georgiev, Josh Malka, along with Jeff Kolodkin as leasing expert.

550 Broad Street is one of several properties that comprise Newark’s 12.7 million square feet of office space within walking distance of Newark Penn Station, a major transit hub that offers PATH, NJ Transit and Amtrak train service. Located near the southeast corner of Washington Park, the building recently underwent a $1.1 million-dollar renovation of its lobby and tenant amenity spaces, including the addition of a new, state-of-the-art fitness center and café.

“2019 is going to be another great year for Newark,” said Schultz. “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.”

“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,” added Kolodkin. “The Newark real estate market has been incredibly active, and has established itself as a lively urban community that continues to attract top companies.”

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