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$23.5 Mil Financing Arranged for 550 Broad

NEWARK- Heritage Management has acquired the 283,000-sf, 18-story office building, long a downtown landmark that formerly housed the headquarters of First Fidelity Bank. HFF arranged the financing package.

By Eric Peterson | Updated on July 05, 2001

NEWARK-Holliday Fenoglio Fowler’s Edison, NJ office has closed on $23.5 million of acquisition and bridge financing for 550 Broad St. HFF senior director Jon Mikula arranged the package on behalf of owner Heritage Management, which recently acquired the downtown property.

The 18-story landmark building totals 283,000 sf and formerly housed the headquarters of First Fidelity Bank, which was merged into First Union Bank a few years ago. The property is currently 73% leased, with an additional 44% of the building’s space rolling in 2002.

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