Makro Technology signs lease at 1 Washington Park.

Makro Technologies, Inc., a global consulting and IT services company, signed a commercial lease at 1 Washington Park, a premier office tower located in the heart of Newark.

Recently recognized as one of Jersey's fastest growing technology companies by Deloitte & Touche, the company signed a five-year, 9,500 s/f lease at the building for its corporate headquarters.

The signing follows a series of recent lease commitments at the building in advance of renovations.

"1 Washington Park offers our company optimal assets for our business and our employees," said Harish Malneedi, president and CEO of Makro Technologies. "As a global IT company, utilizing Newark's advanced fiber optic infrastructure through the building's state-of-the-art wiring system was as critical as being accessible to mass transportation and having amenities such as a fitness center and parking."

Washington Park Fidelco, LLC, an affiliate of the Fidelco Group, purchased the 405,000 s/f building last year and is now spending $15 to $20 million on building upgrades, transforming 1 Washington Park into Class A office space with availability for both large and small tenants.

The 17-story red brick and reflective glass building sits at the center of Newark's N. Broad St. "Quad," bounded by the Newark Broad St. station serving N.J. Transit's east/west commuter lines, Bears and Eagles Riverfront Stadium, Historic James St. and Washington Park. Additionally, construction of the light rail extension, connecting the Newark City Subway and Penn Station with Broad St. Station will add increased transportation options when it opens in the near future.

Once renovations are complete, Berson said 1 Washington Park will be a "true state-of-the-art facility for businesses and employees looking for convenience, quality amenities, and affordable rents within the New York metropolitan area."

The lease signing comes just weeks before groundbreaking is set for 1 Washington Park's lobby renovations.

The owners will construct a new two-story, glass-enclosed entrance on the north side of the building, featuring a lobby with marble finishes, which will open directly to the Broad St. Station plaza and Bears and Eagles Stadium.

They will also add new lighting to the pedestrian plaza, atrium and exterior facade. The building will have fiber-optic wiring, energy efficient heating and cooling systems, and new electrical, fire protection and video security systems, as well as one of the largest parking facilities in the market.

There will be multiple new tenant amenities, including full concierge service, a fitness center, and a high-tech conference facility, along with a bank branch, upscale food service and convenience retail store on the ground level.