Also neglected in most media reports is the fact that the building offers parking and is practically next door to the light rail station, making the lease rate seem less daunting. "Parking is almost unheard of on the east side of Broad Street in the North End of Newark," says Fidelco Group chairman Marc Berson, who has long been an advocate for redevelopment in Newark, particularly the North End, where Fidelco owns One Washington Park and 494 Broad St.

Berson agrees with Bailey's assessment of the state's reported rental rate. "Many brokers are talking about getting a deal down the street for $18, but that's for a two- or three-year lease in a considerably smaller space," he says. Although he declined to name specific buildings, Berson tells GlobeSt.com that Newark has snagged rents in the high-$20s before. "In the end, when you have deals that are multi-floors and require very specific build-outs, tenants are prepared to pay the price."

The losing bidders have 12 days to object or ask for more information before the leases become official. "The procurement followed an extensive master planning effort covering the last several years to maximize space efficiency, reduce space and trim leasing costs," Vincz said in a statement.

Commercial real estate broker Christian Benedetto Jr., who works for Newark-based Hopkins, Sampson & Brown Real Estate Advisory Services, tells GlobeSt.com, "These leases together would be one of the largest transactions in Newark over the past decade, further showing that Newark--and specifically the Broad Street corridor--has continued to thrive even in the worst economy in 50 years. New Jersey taxpayers should be especially happy, as this consolidation both reduces space and costs."