Global commercial real estate advisory firm Newmark Knight Frank (NKF) today announced it has been awarded the sale of 550 Broad Street in Newark, NJ. 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."
About RealINSIGHT Marketplace
RealINSIGHT Marketplace provides local, national, and international investors the opportunity to review and bid on commercial real estate assets throughout the country. The sales platform is managed by a dedicated team of commercial real estate experts, with over five years in online real estate sales experience, resulting in a secure, transparent, and efficient way of transacting real estate. RealINSIGHT Marketplace has completed over 280 transactions valued at $2.1B since its inception in early 2017. For further information, visit www.ri-marketplace.com.
About Newmark Knight Frank
Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
