Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEWARK-Holliday Fenoglio Fowler’s Edison, NJ office has closed on $23.5 million of acquisition and bridge financing for 550 Broad St. HFF senior director Jon Mikula arranged the package on behalf of owner Heritage Management, which recently acquired the downtown property.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.