NJIT to Enhance Campus Infrastructure with Strategic Relocation of Administrative Offices

New Jersey Institute of Technology (NJIT) is pleased to announce a significant development in its ongoing efforts to optimize resources and enhance operational efficiency. In collaboration with The Fidelco Group (landlord), Altice (sublandlord) and Drew Persson and Frank Pagano of Avison Young (broker to Altice), NJIT will relocate several non-student-facing administrative offices to 494 Broad St. in Newark, New Jersey. This strategic move to a Class A office building reaffirms NJIT's commitment to providing a cutting-edge environment for its faculty, staff, and the university community.

The new facility, boasting 75,000 square feet of modern workspace, will serve as a centralized hub for NJIT's administrative functions. This relocation aligns with NJIT's vision to foster collaboration and innovation while providing a conducive environment for its administrative teams to excel. Additionally, this move presents an opportunity to renovate Fenster Hall, further enhancing and expanding the student experience on campus.

"We are excited about this strategic relocation, which underscores our dedication to continuous improvement and innovation," said Teik C. Lim, president of NJIT. "By transitioning to 494 Broad Street, we aim to optimize our resources, improve operational efficiency and create a more dynamic work environment for our administrative teams."

NJIT's Real Estate Development and Capital Operations team, spearheaded by Andrew Christ, senior vice president for Real Estate Development and Capital Operations, worked closely with Paul V. Profeta, president of Paul V. Profeta Associates and a distinguished member of the Board of Directors of the NJIT Foundation. Their collaborative efforts were instrumental in locating and negotiating the sublease agreement at 494 Broad St., further demonstrating NJIT's commitment to strategic partnerships and efficient resource management.

"The addition of NJIT to 494 Broad is an incredible statement about the growth of Newark's Downtown Arts and Innovation District," said Kerri B. Levine, principal at The Fidelco Group. "Fidelco is excited to add NJIT to our list of transformative anchor tenants as we focus on attracting partners who can enhance the city's resurgence while becoming integral members of the surrounding community."

Additionally, NJIT is proud to expand its footprint as an anchor institution by joining Rutgers Business School and Audible on Harriet Tubman Square. Connecting the main NJIT campus in University Heights with the downtown arts and entertainment district not only enhances accessibility but also aligns with NJIT's 2030 Strategic Plan goal of further engaging with the community to drive innovation and economic growth.

"NJIT's expansion of vital administration services office space into Newark's downtown is evidence of our success in reinvigorating the heart of our city with a full spectrum of amenities for residents, workers and visitors," said Newark Mayor Ras J. Baraka. "Beyond accessibility to metropolitan mass transit, the NJIT family can enjoy both world class and hyperlocal dining, entertainment and shopping, as well as an array of housing options and a lively, ever-changing streetscape. I'm grateful to NJIT for its continual embrace of all Newark has to offer, and for what it infuses into our city life."

The relocation of administrative offices to 494 Broad St. represents a significant milestone in NJIT's commitment to excellence, innovation and the overall enhancement of the university experience. For more information about NJIT and its initiatives, visit njit.edu.

About New Jersey Institute of Technology

New Jersey Institute of Technology is the greatest producer of technological talent and knowledge in New Jersey and is a nexus of innovation - a physical and intellectual focal point for innovative ideas, actions and people. NJIT is the only polytechnic university that is an R1 (highest level) Carnegie Classification research university and is designated both an Asian-American and Hispanic serving institution. The New York Times college ranking tool rates NJIT No. 1 nationally among all public universities when you prioritize high alumni earnings, economic mobility, and academic profile, and The Wall Street Journal rates NJIT No. 19 overall and No. 2 among public universities in the United States. Additionally, NJIT stands among the top 100 universities in the country for alumni mid-career earnings, according to PayScale.com, is ranked No. 35 nationally by The Princeton Review as a Best Value College and is rated among the top 50 public national universities and top 100 overall by U.S. News & World Report.

About The Fidelco Group

The Fidelco Group is an owner-developer of residential, commercial and industrial properties in the tri-state markets. An active investor in new construction, Fidelco has also focused on rehabilitating and repositioning existing properties in urban areas throughout the country. Fidelco renovated the 400,000-square-foot 1 Washington Park office building in Newark and worked hand-in-hand with Rutgers University to build a world-class business school, housed within the building. Additionally, Fidelco has developed award-winning projects like the 494 Broad Street office complex and parking garage in Newark, 15 James Street and the state-of-the-art, 140,000-square-foot FreezPak freezer warehouse facility in Elizabeth/Newark. Currently, Fidelco is redeveloping its historic 550 Broad Street building, set to house a diverse roster of tenants and a wealth of world-class amenities for professionals, neighbors, community members and more.

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