"As an IT company, utilizing Newark's fiber-optic infrastructure through the building's wiring system was as critical as being accessible to mass transportation and other amenities," says Harish Malneedi, president and CEO of Makro Technologies. His firm was founded in 1996.

Newmark of New Jersey represented the ownership of the building, Washington Park Fidelco LLC, an affiliate of the Millburn-based Fidelco Group. Fidelco bought the 17-story, 405,000-sf 1 Washington Park a year ago for $27 million from Siete Urban Associates, which was in default with its lender. Built in 1983, it was at one time fully occupied by Verizon, but was vacant at the time of the sale.

Fidelco is also spending upwards of $20 million on upgrades, according to Marc Berson, the company's chairman. Makro's lease signing comes just weeks before Fidelco is set to start work on a two-story glass-enclosed entrance fronting on Broad Street. Additional upgrades include new lighting for the building's pedestrian plaza, and exterior facade work.