The announcement follows a recent deal involving much of the 17-floor, 400,000-sf building. As reported by GlobeSt.com, Fidelco, in September, sold the lower 11 floors to Rutgers University for a reported $31.5 million. and is. The school will rehab the space for the relocation of its business school spending another $51.5 million to renovate and expand the space.
As far as the Audible lease, "we had the unique opportunity to locate our offices in a building soon to complete a major upgrade," says Donald R. Katz, founder and CEO of the company, which provides spoken entertainment and information on the Internet. "We're very impressed with Fidelco's plans and management of the property."
Audible's new headquarters, besides offices, will include a large studio installation. "It's intended to accelerate our successful original audio production and educational programming efforts," Katz says.
Fidelco bought the then-vacant building out of default proceedings from Siete Urban Associates in 2004 for $26.5 million, or just $66 a foot. The building went vacant in early 2003 when original tenant Verizon moved its regional HQ to a newer building across the street. Fidelco subsequently spent $20 million to ready the building for multi-tenant use.
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