Newmark lands exlusive on 400,000 s/f NJ tower.

Washington Park Fidelco, LLC named Newmark as the exclusive leasing agent for One Washington Park, a 17-story, 400,000 square-foot renovation and redevelopment project that is leading a series of investments to transform Newark's northern Broad Street into a vibrant destination with commercial, retail and residential developments, drawing both residents and visitors around the clock.

"Newmark brings a wealth of experience and knowledge in the Newark marketplace and throughout the entire tri-state region. Their appointment adds an important element to reinforce One Washington Park as a premier business address in the region," said Marc Berson, managing partner, Washington Park Fidelco, LLC.

"With Newmark as the leasing agent, One Washington Park is well on its way to advancing the revitalization of the North Broad Street district."

"We are extremely excited about this assignment," stated Norman Baker, managing principal of Newmark's Rutherford, NJ, office. "We have a team of energetic brokers that will work on transitioning One Washington into a vibrant environment for companies and their employees. The opportunity to work on Fidelco's behalf is important to us, as their principals have long been known as astute and creative investors and developers."

Newmark brokers have successfully completed several significant transactions in Newark, including the sale of 744 Broad Street, 375 McCarter Highway and 494 Broad Street, as well as the leasing of both One and Three Gateway Center and the initial repositioning of 550 Broad Street. Leasing transactions include Proskauer Rose (37,000 sf), US Postal Service (35,000 sf) and the initial leasing at Three Gateway to Carpenter, Bennett & Morrissey (60,000 sf).

Joining Baker on the leasing team are Jon Karnick, director, and Jim Sousa, managing director, of the Rutherford office and Arthur Draznin, executive managing director, who will coordinate marketing efforts in the New York office.

One Washington Park, a red-brick and reflective glass building located at the intersection of Washington Street and Broad Street, will be fully modernized into Class A office space and feature a bank branch, upscale food service and convenience retail on the ground level. The building will also feature full concierge service, a fitness center, and a state-of-the-art conference facility available for tenants.

The 2.2-acre property sits at the center of Newark's North Broad Street "Quad," bounded by the Newark Broad Street station, Bears and Eagles Riverfront Stadium, Historic James Street and Washington Park.

The redevelopment of One Washington Park is the beginning of future development planned near the stadium, including IDT's expansion into 494 Broad Street, the renovation and expansion of the Newark Public Library, residential development at the historic Westinghouse building and the redevelopment of the former Lincoln Motel.

Built in 1983 by Turner Construction, the building will undergo extensive renovations to provide tenants with the most technologically-advanced building in the market, including fiber-optic wiring and top-of-the line heating and cooling systems, as well as new electrical, fire protection and video security systems. The building will offer one of the largest capacities for parking available for tenants in the market.

In addition, plans call for a new lobby with granite marble finishes, and a new addition to the north side of the building which will open One Washington Park directly to the Broad Street Station plaza and Bears and Eagles Stadium. According to Berson, work is expected to begin by the end of the year.

Last week, Fidelco announced its purchase of One Washington Park from Siete Urban Associates, LLC, one of the building's original owners.