As Downtown Newark continues to evolve, one of the neighborhood’s most prominent office buildings officially hit the auction block earlier this week with a starting bid of $12 million.
Described as a “landmark office tower” and presented by Newmark Knight Frank and RealINSIGHT Marketplace, 550 Broad Street rises 18 floors and features 294,000 square feet of Class A office space that’s currently 47% leased to 24 tenants. The building itself was constructed in 1966 and underwent renovations in 2000 and 2016.
The most recent refurbishing was a $1.1 million investment in the property’s lobby and tenant amenity spaces, including the addition of a new, state-of-the-art fitness center and café. The listing pitches the property’s “attractive timeless exterior, expansive, customizable space, on-site ATM, newly renovated gym and café, and 24-hour security” in addition to “spectacular unobstructed views” of Manhattan to the east and Downtown Newark to the south.
550 Broad Street has retail space on the ground floor and is located directly across the street from the upcoming Walker House renovation that will bring a rock climbing gym and possibly a brewery to the neighborhood. It’s also within walking distance of the New Jersey Performing Arts Center, Hahne & Company’s retail, and both Broad Street’s and Newark Penn Station’s myriad of transit options.
The auction of 550 Broad Street started on Monday and will end on April 10 at 1:15 p.m. Property tours are still being scheduled with interested investors, who can contact NKF Capital Markets through the official listing.