The 18-story landmark building totals 283,000 sf and formerly housed the headquarters of First Fidelity Bank, which was merged into First Union Bank a few years ago. The property is currently 73% leased, with an additional 44% of the building's space rolling in 2002.

"The transaction demonstrates the investment community's confidence in Newark as a city in which to work and invest," according to Mikula. "As far as the new owner, this is Heritage Management's second value-added acquisition in as many years, and we've been involved in both."

The financing was structured with two separate tranches consisting of an initial funding upon acquisition with subsequent fundings for tenant improvements and leasing commissions, according to Mikula. HFF, meanwhile, is a Texas-based mortgage banking firm whose transactions totaled $11 billion nationally in 2000.