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Fidelco Realty Group is revitalizing a well-known office tower in downtown Newark at a cost of more than $30 million, with plans that include a sweeping physical upgrade, the addition of a new bar and restaurant and the creation of flexible workspace to serve technology startups. — All renderings courtesy: Fidelco/Perkins Eastman
By Joshua Burd
Fidelco Realty Group has brought another tenant to a well-known office tower in downtown Newark, inking a lease with a nonprofit that has served the city for nearly a century.
The organization, Victoria Foundation, is taking an undisclosed amount of space at 550 Broad St., where it joins a growing tenant roster amid plan to reposition the nearly 300,000-square-foot property. Fidelco announced the deal while noting that the building is home to a diverse mix of private and nonprofit businesses, as well as emerging and established companies.
“Victoria Foundation and Fidelco have similar goals,” said Marc E. Berson, Fidelco’s chairman. “Our innovative and inclusive approach to workspaces will allow businesses born in Newark to stay in Newark. We are supporting the community while providing an opportunity for startups, not-for-profit organizations and corporations to open and expand.”
Victoria Foundation, which was founded nearly 100 years ago by Hendon Chubb, has sought to support Newark residents to increase access to housing, employment opportunities, arts programs and more, according to a news release. The nonprofit partners with Black and Brown residents and other marginalized communities in the city, plus other nonprofit organizations, to strengthen community power, foster economic justice, promote youth self-determination and respond to pressing needs.
Its lease at 550 Broad follows Fidelco’s announcement in fall 2021 that it was planning a top-to-bottom renovation of the historic tower, as well as an overhaul of the lobby and ground floor. The firm, which is responsible for building and revitalizing several properties in the city, purchased the property in summer 2019.
Other nonprofits at 550 Broad include LISC, Big Brothers Big Sisters of Essex, Hudson & Union Counties and The Wight Foundation.
“The Victoria Foundation is excited to begin our next chapter in a new space that can accommodate our growing staff and positions us to more effectively work toward our mission of championing bold solutions for a thriving Newark,” said Craig Drinkard, Victoria Foundation’s executive officer.
Fidelco set to revive Newark office tower, in firm’s latest project in downtown neighborhood
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