It has been a wild week for downtown Newark and a great start for 2010. Here’s a quick recap…
First we have the brewing deal to bring the Nets to the Prudential Center for the remaining two years of their IZOD Lease. Big for a number of reasons including legitamacy of downtown as a destination, validation of the Pru center as a world class arena, and additional business from nightly events in Newark during the hockey and basketball seasons.
Next is the 600,000 sqft lease of the IDT building and 765 Broad Street. Even if some of this square footage is a reshuffling of existing Newark office space it fills one of the main components of the Newark skyline, justifies the Washington Park market for class A space and sets a price point for future leasing.
Finally we have the news that Marriot will be opening a new hotel at Broad and Lafayette newt to the Pru Center. The 150 room Marriot Courtyard will have 15,000 sqft of retail space and be the first major hotel developed in downtown Newark in 39 years. The significance goes well beyond the jobs, hotel guests and new retail. This hotel has exceptional benefit for the Prudential center for boooking major events. Many events require hotel space within the immediate proximity of a venue. For example the only thing keeping the NHL Finals from coming to Newark was the lack of required hotel rooms in the immediate area. See the article from the Star Ledger.
All in all this is outstanding news for Newark’s businesses, politicians, property owners and residents.