A revival in Newark's destination location.

In the heart of downtown Newark, a high-rise office building is playing a key role in the revitalization of a historic neighborhood.

The property, 1 Washington Park, is spearheading the transformation of the northern Broad Street area to a vibrant 24-hour commercial, retail and residential destination.

The 17-story red brick and reflective glass building sits at the center of Newark's North Broad Street Quad, an area bounded by the Newark Broad Street station, the Bears and Eagles Riverfront Stadium, Historic James Street and Washington Park.

Washington Park Fidelco, LLC, an affiliate of The Fidelco Group, purchased the 405,000 s/f building last September.

Marc Berson, managing member, Washington Park Fidelco, LLC, and Fidelco Group chairman, said Fidelco viewed the property as a significant opportunity.

"1 Washington Park is anchoring a critical location in the ever-expanding revitalization of Newark," he said. "Following renovations, Newark will have a brand new, premier office tower set in the middle of what is already one of the city's richest cultural and entertainment districts, with a greater resurgence on its way."

Fidelco plans to spend $15 million to $20 million on building upgrades, transforming 1 Washington Park into Class A office space with availability for both large and small tenants.

A major objective in the renovation plans is to change the building's focal points to emphasize its proximity to the Broad Street railway station, which serves New Jersey Transit lines that bring thousands of commuters through Newark each day heading to or from Manhattan.

Scheduled for completion in the summer of 2006, the new light rail will create easy travel from Newark Penn Station to the North Broad Street "Quad," while connecting the "Quad" to all New Jersey Transit's rail lines that pass through Newark.

Newmark, the exclusive leasing agent, has already signed the first tenant. Gann Law Books, the premier publisher of New Jersey law manuals, recently made a 10-year commitment in advance of renovations.

Norman B. Baker, managing principal of Newmark's New Jersey ofrice, said the tenant is confident in the direction both the building and the neighborhood are heading. "Gann Law Books viewed the long-term lease as an opportunity too good to pass up," he said. Fidelco will construct a new two-story, glass-enclosed entrance, upgrade the lobby, refurbish common areas, elevators and bathrooms, and add new lighting to the pedestrian plaza, atrium and exterior facade.

It will also add energy efficient heating and cooling systems, and new electrical, fire protection and video security systems. The building currently offers the latest technological amenities including emergency electrical generators and fiber-optic, copper and cable wiring.

Tenant amenities will include concierge service, fitness center, food service and retail store on the ground level. Berson plans to capitalize on the building's close proximity to mass transportation, its easy access to an extensive network of highways and the largest parking capacity of any office building in the market.

Baker noted that 1 Washington Park is located in one of Newark's richest cultural and entertainment districts. "When you factor in the building amenities and the transportation options, it becomes even more desirable. The building is a reflection of Newark. It is evolving, growing, and getting better and better all the time."