The partnership between SHIFT Capital, Hanini Group, and Colnvestment Partners recently announced the $80 million purchase of two historic buildings and an adjacent parking garage in Newark’s Central Business District.
Located at 707 Broad Street and 153 Halsey Street, the two office towers total over 816,000 square feet. The adjacent 900-space parking garage is situated at 261 University Avenue.
The partnership will invest approximately $70 million in environmental and wellness upgrades of the buildings, with the development scheduled to begin in early 2022. The investment will include the upgrading of systems to cater to a post-COVID environment, activating the rooftop at 707 Broad Street, and renovating most of the spaces throughout the buildings.
Through SHIFT’s equitable development and creative placemaking tools from its Next Gen Impact Platform, Hanini Group’s decades-long Newark development expertise, and impact investment experience from CoInvestment Partners, the partnership aims to generate jobs, attract community-focused businesses, and deliver neighborhood amenities.
“By deploying our Next Gen Impact Platform with a local emerging developer, like Hanini Group, we are able to leverage our tools and expertise in equitable development between teams to best serve communities,” said Brian Murray, SHIFT Capital’s CEO. “The power of our investment in Newark comes from our symbiotic partnerships and united dedication to delivering for the community.”
“Hanini Group has been investing in and with the Newark community for over a decade,” said Samer Hanini, Managing Partner of Hanini Group. “Newark is a city borne of innovation poised to welcome companies that will launch the next generation of entrepreneurs. Our investments at Broad, Halsey, and University open new doors at the intersection of technology and community, and strengthen our neighborhood commitments by creating untapped opportunities to activate these spaces for our neighbors, add jobs, and boost the vibrancy of the streetscapes.”
“In a post-COVID-office environment, these properties combine the accessibility to New York and talent-rich neighborhoods of New Jersey with a spirit of Newark’s rebirth,” said Piyush Bhardwaj of CoInvestment Partners. “We believe that our acquisition will provide the City with another set of world-class buildings that blends Newark’s history with its future in a way that will continue to launch it forward. Having been a resident of Newark, it is satisfying to see the City conform towards its potential.”
