Essex County Pays $26M for Former Bank Building
The county acquired the two buildings that are connected by a walkway bridge over University Avenue for $26 million. Located in Newark’s downtown, the complex is located across the street from the Historic Essex County Courthouse.
NEWARK, NJ—Essex County has acquired the former bank building on University Ave. here and will relocate leased operations to have the property serve as the headquarters for the County Division of Family Assistance and Benefits. The offices are scheduled to open by July 2020.
Essex County Executive Joseph N. DiVincenzo, Jr. announced the purchase of the 150,000-square-foot office complex at 320 and 321 University Ave. on Wednesday. The county acquired the two buildings that are connected by a walkway bridge over University Avenue for $26 million. Located in Newark’s downtown, the complex is located across the street from the Historic Essex County Courthouse.
The 320-321 University Ave. complex also includes an underground parking garage, an above ground parking garage and surface parking lot that can accommodate a total of 446 vehicles. Acquiring these parking spaces will save Essex County from having to lease parking spaces for employees in private parking lots, county officials state.
“We are always looking at initiatives to improve upon our delivery of services to our customers and save taxpayers money. Consolidating our DFAB operations in one location will create a comprehensive and accessible one-stop center for those receiving public assistance. In addition, with the county purchasing the former bank buildings, we will save about $6 million a year in rent previously being paid to lease space at 18 Rector Street,” County Executive DiVincenzo says. “This is a win-win for both our customers and employees who will have modern spaces to conduct their business,” he added.
At 19 years old, 320-321 University Ave. is a relatively new building, but the layout of the floors is being retrofitted to accommodate the offices and work flow of DFAB. Flooring, HVAC and electrical systems also are being modernized.
MBNA opened the office buildings in 2001, which at the time was the first new office space created in the City of Newark in a decade. MBNA later merged with Bank of America, which continued operations at the site until 2013.
In addition to 18 Rector St., DFAB offices are located at the Essex County Hall of Records at 465 Dr. Martin Luther King, Jr. Blvd. in Newark and the Essex County One-Stop Center at 50 South Clinton St. in East Orange. As part of the consolidation, all DFAB offices will move to 320-321 University Ave. with the exception of the call center, which will remain at 50 South Clinton St.