Fidelco bought the 17-story, 400,000-sf asset from Siete UrbanAssociates, a local group, in a $26.5-million deal co-brokered byChristian Benedetto of National Redevelopment Partners and DavidBernhaut of Cushman & Wakefield of NJ. Other bidders for thebuilding, which had been on the market for just over a year, werethe Gale Co. and Heritage Management, according to sources. Thebuilding itself sits in a portion of this city that's targeted fora larger redevelopment effort.

"The appointment adds an important element to reinforce OneWashington Park as a business address," says Marc Berson, managingpartner of Washington Park Fidelco, who also co-owns the NewarkBears minor league baseball team. "The building is well on its wayto advancing the revitalization of the North Broad Streetdistrict." The renovation program, according to Berson, willinclude upgraded common areas and building systems, and will addnew ground-floor retail, concierge service, a fitness center and anew conference facility.

"The opportunity to work on Fidelco's behalf is important tous," says Norman Baker, managing principal in Newmark's Rutherfordoffice. He is joined on the leasing team by Jon Karnick, director,and Jim Sousa, managing director, in the Rutherford office, and byexecutive managing director Arthur Draznin of the firm's Manhattanoffice. Newmark has been involved in recent years in a number oflease and sales transactions in this city, involving suchproperties as 744 Broad St., 375 McCarter Hwy., 494 Broad St., Oneand Three Gateway Center and 550 Broad St.