New Jersey Institute Of Technology Subleases Office Space In Newark For Long-Term Deal | 494 Broad Street | Drew Persson, Frank Pagano | Office | Lease

Summary

Lease

NEW JERSEY

Office

74,356 sqft

The office space at 494 Broad St. in Newark, spanning 74,356 square feet, was leased by Teik Lim of New Jersey Institute of Technology from Dennis Mathew of Altice USA. The relocation of administrative offices to this central downtown location near the main campus will support NJIT's operational efficiency and commitment to innovation.

Summary of transaction details:

Property Type: Office
Transaction Amount: Not specified
Address: 494 Broad Street
Market: Newark
Landlord: Dennis Mathew - Altice USA
Tenant: Teik Lim - New Jersey Institute of Technology
Brokers: Drew Persson & Frank Pagano - Avison Young
Lease Term: long-term

The long-term sublease agreement was facilitated by Avison Young brokers Drew Persson and Frank Pagano. President Teik Lim highlighted the property's amenities, including fully furnished spaces, ample seating, and dedicated parking, all contributing to the growth of Newark's Arts and Innovation District.

Players

All
3

Agents
2
Agencies
1

Details

Deal Summary

LEASED

IMAGE: 05/01/2024 ADDRESS: 494 Broad Street MARKET: Newark ASSET TYPE: Office ~ SF: 74,356 LANDLORD: Dennis Mathew - Altice USA TENANT: Teik Lim - New Jersey Institute of Technology BROKERS: Drew Persson & Frank Pagano - Avison Young LEASE TERM: long-term NOTE: New Jersey Institute of Technology (NJIT) has completed a significant long-term sublease for a 74,356-square-foot office space at 494 Broad St., representing the largest office transaction in Newark's submarket this year. Avison Young brokered the deal on behalf of Altice USA, enabling NJIT to optimize resources and enhance operational efficiency through the relocation of administrative offices, emphasizing a commitment to innovation and improvement.President Teik Lim emphasized the strategic nature of NJIT's move, highlighting the property's central downtown Newark location near the main campus, fully furnished spaces, ample seating, and dedicated parking, all contributing to the city's Arts and Innovation District's growth.

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Address494 Broad Street

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