Several tenants have entered into long-term leases, including Audible Inc., Trademark Plastics and HealthFirst. However, there is space available for occupancy, including full multiple floors, accommodating up to 150,000 square feet, as well as smaller units.

According to Fidelco chairman, Marc Berson, "The weakened economy is having an effect on Newark just like the rest of the country. But urban centers will be the focus over the next couple of years and will help get the country back on the right track."

Fidelco is currently working on plans for 494 Broad St., which it purchased in 2007 for $10 million. When all is said and done, the six-story office building will feature a full-service restaurant and renovated lobby, as well as structured parking to accommodate 550 cars and an accompanying 12,000 square feet of retail space fronting Broad Street.

Much of the city's revitalization efforts have been pushed along following the 2006 election of Mayor Cory Booker. Since taking office, Booker has made it his mission to tout the city's infrastructure, available land and proximity to employment and capital nodes to investors, developers and business owners.

For businesses located within Newark's Urban Enterprise Zone--essentially the South and Central Wards--some tax credits and reduced loans are available. Newark tenants can also benefit from the state's Urban Transit Hub Tax Credit program. Verizon, for one, was able to secure an estimated $20 million in incentives over the next 10 years, thanks to the program. As a result, the wireless giant will remain at its 540 Broad St. headquarters.

Still, the recession has left its mark on the city. Over the past two years, investment activity in this market has declined. The only sale recorded last year was IDT Corp.'s purchase of the full 440,000-square-foot building at 520 Broad St.

"The trading that was going to happen has already occurred," asserts Cushman & Wakefield executive director David Stifelman. "What happened over the last three or four years was that people bought buildings and then just resold them at a lower cap rate. That's how they were making their money, but this basically came to a halt over the past year." According to Stifelman, even if you were able to do a deal now at a better cap rate, it's hard to get financing. "Most of the A building owners who have favorable financing in place, a strong equity position and good cash flow are just going to wait it out."