Sean Ryan is associate editor of Real Estate New Jersey
NEWARK-Fidelco is planning a $20-million upgrade of 1 Washington Park here in the CBD of the state's largest city. Approximately $3 million of the total will go toward a new two-story lobby.
The 405,000-sf, 17-story office building will be upgraded to class A space with new elevators and bathrooms, fiber-optic wiring, energy-efficient HVAC and new security systems. New tenant amenities will include a fitness center, conference facility and ground-floor retail. The site was originally constructed in 1983.
"When the renovations at 1 Washington Park are complete, Newark will have the equivalent of a brand new office tower to feature as part of the Quad's transformation," says Marc E. Berson, chairman of Fidelco Realty Group. The North Broad Street Quad is featuring its own makeover, with the star attraction being the $225-million light rail construction. Both the Newark Broad Street station and Bears and Eagles Riverfront Stadium, also face the North Broad Street Quad.
Newmark is the exclusive leasing agent for 1 Washington Park. Tenants include Gann Law Books, which inked a 10-year commitment, Conti Enterprises, Makro Technologies and North Star Academy Charter Schools.
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